ABI Brokers $19M, 167 Unit, Apartment Sale on Mill Avenue in Tempe, Arizona

Phoenix, Arizona — ABI Multifamily is pleased to announce the $19 million / $113,772 per unit sale of Cabana on Mill Apartments located in Tempe, Arizona.  Built in 1972 of block construction and renovated between 2012-2018,

Cabana on Mill is a garden-style apartment community that features 167 units in 24, two-story buildings.  The property rests on approximately 7.38 -acres with a unit mix that consists of (57) one bed and (110) two bed units with an average size of 780 SF.  The fully gated property features two  swimming  pools,  bike storage, laundry  facilities,  a  ping  pong  table,  barbeque  grills,  pet  areas,  and  a  business  center.  Future further exterior renovations  will  include  new  pool  furniture,  touch-up  painting,  updating  the  fitness  center,  refreshing  the  landscaping,  installing  a  new  monument  sign  and  unit  placards,  installing  solar  screens  to  block  out  sun  and  keep  units  cooler,  and  installing  new  LED  lighting  throughout  the  Property.   All units  currently  include  fully  equipped  kitchens  and  private  patios  or  balconies.

“The selling entity purchased the property back in 2012 and immediately began improving both the aesthetic and overall operations of the property,” states Alon Shnitzer, Senior Managing Partner, who represented the selling entity in the transaction.  “This is a beautiful project in a dynamic South Tempe location.  In fact, the South Tempe submarket has attracted substantial institutional investor interest over the past 18 months most notably Rockwood Capital’s $76M purchase of Metropointe Apartments and TruAmerica’s $75M purchase of the Galleria Palms Apartments.”

Eddie Chang, Partner, who along with Ryan Smith, Vice President, represented the buying entity states, “this is the buyer’s, Tides Equities, 14th transaction since 2016 as they continue to expand their portfolio of value-add properties in highly desirable neighborhoods.  The property is near the high employment corridors of both North Tempe and a short drive to Chandler’s Price Corridor which combined have witnessed nearly 22,000 new jobs over the last several years.  They plan to further expand on the improvements the seller made over the years ensuring a premier community for its residents.”

The buying entity is controlled by California-based Tides Equities.  Tides Equities is a leading Commercial Real Estate Investment Company focused on investments throughout the Western United States. They specialize in well located, Class-B and Core Plus multifamily real estate with high value-add upside. Tides Equities brings institutional grade acquisitions acumen and operational efficiency to the traditionally non-institutional realm of real estate.

The selling entity is a private partnership based in Phoenix, AZ

The multifamily brokerage team of Eddie Chang, Ryan Smith, Alon Shnitzer, John Kobierowski, Rue Bax and Doug Lazovick represented both the buyer and seller in this transaction.