PRESS RELEASEFOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Multifamily Closes Apartment Complex near Light Rail
Phoenix, AZ – December 21, 2016 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $1,335,000 | $44,500 Per Unit sale of the Denton Apartments, a 30-unit apartment community located in Phoenix, Arizona.
Denton Apartments | 1603 West Denton Lane, Phoenix, AZ 85015 | 30 Units | Built in 1980 | $1,335,000 | $44,500 Per Unit | $95.36 Per SF
Denton is a two-story apartment community comprised of three buildings on a 0.88 acre parcel built in 1980. The property consists of (19) Studio, (10) 1-bed/1-bath and (1) 2-bed/1-bath units with an average size of 466 square feet and each unit is individually metered for electricity. Built of frame construction, the property has undergone select exterior and interior capital expenditures.
The property, located in the West Phoenix Submarket, is approximately ½ mile away from the 19th Avenue & Montebello Light Rail Station and is across the street from Christown Spectrum Mall. "This was certainly a pride of ownership property," states Ryan Smith, Vice President at ABI who represented the Seller. "The Seller purchased the property in 2013 and made select exterior improvements, along with an aggressive re-tenanting strategy which, at the time of closing, was nearly 100% leased."
The Seller was a private multifamily partnership based out of California.
The Buyer was a private multifamily partnership based out of California.
The Phoenix based ABI Multifamily brokerage team of Ryan Smith, John Klocek, Patrick Burch, Royce Munroe and Nathan Bruer represented both the Seller in this transaction.
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.