PRESS RELEASEFOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Grand Canyon University Purchases 3-Property Portfolio for $4.7M
Phoenix, AZ – June 2, 2017 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $4,700,000 / $62,667 Per Unit sale of the 40 unit - Suntree Apartments, 32 unit - Casa Quieta Apartments and 5101 N 28th Dr Tri-Plex located in Phoenix, Arizona. The three contiguous properties are all garden-style communities which rests on approximately 3.41 acres. Built of block construction with pitched roofs and individually metered for electricity. The combined properties boast an attractive unit mix of 15 - 1 bedroom and 60 - 2 bedroom unit types with a weighted average size of 737 square feet.
CQS Portfolio | West Medlock Drive & North 28th Drive, Phoenix, AZ 85017 | 75 Units | Built in 1969, 1979 | $4,700,000 | $62,667 Per Unit | $85.03 Per SF
"Over the last several years, and to accommodate surging enrollment numbers (upwards of 25,000 students are expected by 2020) GCU has pursued an aggressive acquisition policy purchasing upwards of 100+ acres in the last 2 years alone," states John Kobierowski, Senior Managing Partner at ABI, and lead broker representing the Seller. "The Seller was offered a very attractive price for the land and GCU is one step closer to controlling the entire area surrounding its main campus, definitely a win-win for both parties."
The Buyer is Grand Canyon University.
The Seller is a private investment company based in California.
The multifamily brokerage team of John Kobierowski, Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the Seller in this transaction.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson and San Diego, 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.