PRESS RELEASEFOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
ABI Multifamily Closes East Phoenix Apartment Complex
Phoenix, AZ - December 13, 2016 - ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $1,030,000 sale of the Suede Apartments, a 14-unit apartment community located in Phoenix, Arizona.
Suede Apartments is a single-story apartment community comprised of six buildings on one parcel built on average in 1973. The property consists of (7) 1-bed/1-bath units, (6) 2-bed/1-bath units, and (1) 3-bed/3-bath unit with an average size of 875 square feet. Each unit is individually metered for electricity and equipped with frost-free refrigerators, stove and hood. Built of solid block construction, the property had undergone select exterior capital expenditures.
Suede Apartments | 2525 North 52nd Street, Phoenix, AZ 85008 | 14 Units | Built in 1975 $1,030,000 | $73,571 Per Unit | $83.74 Per SF
"Suede Apartments is located between North Tempe and North Central Phoenix at the southern end of the East Phoenix submarket. In recent years, the area has witnessed tremendous reinvestment and asset repositioning activity by multifamily investors," states Royce Munroe, Vice President at ABI who represented both the Seller and Buyer. "Given the tremendous construction and economic developments occurring within the North Tempe/University and North Central Phoenix submarkets, as a whole, and the property's close proximity to those main economic epicenters, attracted the Buyer to this particular asset. The Buyer intends to completely renovate and reposition the property moving forward."
The Seller was a private multifamily partnership based out of California.
The Buyer was a private multifamily partnership based in Arizona.
The Phoenix based ABI Multifamily brokerage team of Royce Munroe, John Klocek, Patrick Burch, Ryan Smith and Nathan Bruer represented both the Seller and Buyer 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.