ABI Multifamily has announced the $1.5 million sale of the Melbourne Apartments, a 26-unit apartment community ($57,692 per unit) located in Phoenix, Arizona.
Melbourne Apartments is a one-and-two-story apartment community, originally built in 1964 and comprised of studio, one and two bedroom apartments with an overall average size of approximately 650-square-feet. The property features brick accents, 60’s art deco design and a well maintained interior courtyard area with resort style pool. The property is individually metered for electricity and also has individual hot water heaters in each unit.
Located on 36th Street just north of Thomas Rd, on the outskirts of Phoenix’s famed Arcadia District, the neighborhood has witnessed tremendous redevelopment activity over the past several years. Tens of millions have been spent in new and redevelopment activity which has made the area one of the most sought-after neighborhoods in the market, outside of Downtown and Midtown.
“The Seller recognized the redevelopment potential of the area and purchased the property during the downturn in the market,” states John Klocek, Vice President at ABI, who represented the Seller in the transaction. “They executed a plan of targeted improvements, while maintaining high occupancy, which translated into excellent capital appreciation and the new owner has the ability to capitalize on the continued redevelopment progress of the area. During the marketing campaign ABI Multifamily solicited a lot of buyer interest and multiple offers, but this particular buyer stood out as his offer provided for a very quick escrow and true All Cash close.”
The Seller is a private family trust based in Arizona that has several apartment communities across the Valley, as well as, many single-family home holdings.
The Buyer is a private family trust based in California.
The Phoenix based ABI Multifamily brokerage team of John Klocek, Patrick Burch, Alon Shnitzer, Doug Lazovick, John Kobierowski, Rue Bax and Eddie Chang represented both the Buyer and the Seller in this transaction.
To llearn more ABI should be reached at 602.714.1400