Canadian Investor Buys Quail Canyon Apartment Homes for $9.3 Million
Phoenix, AZ – ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $9.3 million ($83,036 per unit) sale of the 112-unit, Quail Canyon Apartment Homes located on McClintock Drive, just South of Broadway Road, less than one mile from Tempe Light Rail. The sale marks the 5th transaction brokered by ABI Multifamily since June 1st with a cumulative sales volume in excess of $35 million.
“A lot of people use the term ‘value-add’ when marketing a property for sale, but this particular transaction meets its true definition,” states Alon Shnitzer, Senior Managing Partner at ABI and lead broker representing both the buyer and seller for this transaction. “Wood River had owned this property for 15 years. They had already completed renovations on 34 of the 112 units, which equates to roughly 30% of the property and each of the 112 units was pre-plumbed for a washer/dryer. This allows the buyer, Canada-based, Living Well Homes, to implement a solid value-add strategy by completing the renovations and adding in washers/dryers to the interior of the apartments.”
Quail Canyon is located at 2045 South McClintock Drive, Tempe, AZ and was originally built in 1980. The 112-unit property features an attractive mix of one and two bedroom units (73% of which are two bedrooms). Considering its attractive location, near high transportation corridors, Light Rail, ASU and regional employers, produced tremendous buyer/investor interest in the property. According to Shnitzer, “after receiving more than a dozen offers, the seller accepted Living Well Homes’ offer for two reasons, first, it was a true all-cash offer and secondly, Living Well is an experienced Phoenix multifamily investor with a solid, proven track record.”
The seller in this transaction is also an experienced Phoenix Metro multifamily investor, Wood River Properties, based in Santa Monica, CA. Wood River Properties was also represented by ABI Multifamily just two weeks ago in the sale of the Sonoran Ridge Apartments, for Lennar’s Tempe assemblage site – The Motley.
The buyer, Canadian-based, Living Well Homes, is an experienced multifamily investor who owns over a thousand units across the Phoenix Metro.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both the buyer and seller in the transaction.
To learn more Kobierowski is reachable at 602.714.1384, Shnitzer is at 602.714.1283, Bax can be contacted at 602.714.1406, Lazovick is at 602.714.1388, and Chang can be contacted at 602.714.1398.