PRESS RELEASEFOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Multifamily Transacts Value Add Multifamily Property in Phoenix's I-17 Corridor
Phoenix, AZ – December 19, 2016 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the sale of the Mesquite Court Apartments, a 24-unit apartment community located in Phoenix, Arizona.
Mesquite Court Apartments | 2502 West Ocotillo Road, Phoenix, AZ 85017 | 24 Units | Built in 1983 | $1,080,000 | $45,000 Per Unit | $66.67 Per SF
"Mesquite Court Apartments is located near the northern edge of the I-17 corridor between Grand Canyon University and Carlyle's Metrocenter redevelopment project," states Nathan Bruer, Vice President with ABI Multifamily who represented the Seller. Situated on Ocotillo Road, Mesquite Court is a three-story apartment community which rests on a little over of 0.5 acres of land and was completed in 1983. The property consists of 75% 2-bedroom and 25% 1-bedroom units, with an overall average size of 675 SF. Each unit is individually metered for electric. The community features a central courtyard, laundry facility and recently underwent select exterior, interior and common area improvements including new paint, windows, roof, water heaters, HVAC units and stained concrete flooring.
"The Buyer was interested in Mesquite Court for many reasons," states Alon Shnitzer, Senior Managing Partner at ABI representing the Buyer in this transaction. "First, they own several properties in the immediate general vicinity of Mesquite and are very familiar with the area. Secondly, and perhaps more importantly, the property offers an affordable rent with attractive upside potential through further renovation of the interiors and re-tenanting. Considering the property's close proximity to major employment epicenters along the I-17, the new owners are looking to capture the residents who have been displaced by the major construction/renovation projects occurring on the interior of Phoenix."
The Seller is a private investor based in Phoenix, Arizona.
The Buyer is a private investment group based in California with over 2,000 units owned across the Phoenix Metro.
ABI Multifamily represented both buyer and seller in the transaction. Lead brokers at ABI Multifamily for this transaction were Nathan Bruer and Alon Shnitzer.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. The experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.