PHOENIX, Arizona – CBRE has completed the sale of San Paulo, a 208-unit Class A multifamily community located at 14625 South Mountain Parkway in Phoenix. The property commanded a sale price of $32.5 million ($156,250 per unit).

Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Seattle-based PrivatePortfolio Group. The buyer was New York City-based Rivendell Global Real Estate.

“Located in the preferred Ahwatukee submarket, San Paulo presents a tremendous investment opportunity,” said CBRE’s Cunningham. “The community is surrounded by numerous established master-planned communities with strong demographics, access to top-rated schools and proximity to some of the East Valley’s largest employers.”

Built in 1996, San Paulo is a garden-style community with spacious one-, two-, and three-bedroom floor plans equipped with 9-foot ceilings and full-size washers/dryers. Community features include a swimming pool, 24-hour fitness center and resident clubhouse. San Paulo is situated within the upscale Mountain Park Ranch master-planned community, which provides residents access to several Mountain Park Ranch HOA amenities including tennis courts, swimming pools and parks.

PHOENIX, ARIZONA — NAI Horizon Senior Vice President Denise Nuñez represented the buyer in a $580,000 ($4.79 PSF) land sale for the construction of a 104,000-square-foot self-storage facility at Desert Foothills Parkway and Marketplace Way in Ahwatukee.

Nuñez, with NAI Horizon’s National Self Storage Investment Group, represented Arizona-based 1784 Capital Holdings LLC.

“We chose this site for its rare opportunity to develop a state-of-the art self-storage facility in this growing area with significant village planning committee and municipal support,” said Shane Albers, Chairman and CEO of 1784 Capital Holdings LLC.

1784 Capital Holdings LLC has allocated an additional $250 million for the development of Class A, institutional quality self-storage as it continues to expand its national portfolio with a primary focus on Arizona, California and greater Washington, D.C.

“Ahwatukee is a highly desirable lifestyle market with above-average income levels,” Nuñez said. “This location will provide a much-needed quality, all climate-controlled facility that will aesthetically blend in with the community.”

In September, the Ahwatukee Foothills Village Planning Committee voted 9-1 to recommend a city planning commission approval of a self-storage facility to be built on the 2.78-acre piece of land. The facility will include three floors (one of them below ground). The land has been vacant for the past 32 years.

The seller, First Bank of Layton in Layton, Utah, was represented by Doug Fielding of Marcus & Millichap.

Phoenix, AZ — ABI Multifamily, the Valley’s largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $17.4 million ($93,548 per unit) sale of the Vista Sureno Apartments, a 186-unit apartment community located in Phoenix, Arizona.

Vista Sureno Apartments is an all two-story, garden style apartment community, originally built in 1985, and comprised of 29% one bedroom/one bath and 71% two bedroom/two bath apartments with an overall average size of approximately 870SF. Each unit is individually metered for electricity and equipped with full-size washers/dryers, dishwashers, frost-free refrigerators, garbage disposal, breakfast bar, pantry, ceiling fans and private patios-balconies with plenty of storage space. Select units have newer black or white appliances, vaulted ceilings (2^nd floors only), fireplaces, upgraded flooring, new countertops and cabinets. The community also provides its residents with a sparkling swimming pool, heated spa, renovated fitness center and clubhouse, resident lounge with flat-screen TV’s, nature trails, picnic pavilions, charcoal barbecue grills, and an abundance of covered and open parking. Vista Sureno is less than a mile from the currently under construction Loop 202 Extension and only minutes from Chandler’s famed Price Technology Corridor.

“The Ahwatukee area of Phoenix is very exclusive and boasts some of the highest household incomes in all of Phoenix. It’s hard to find available multifamily inventory there, as the area is completely built out, very stable and traditionally properties in A-type locations like this are held on to for a long-time.

The California-based Seller, Wood River Properties, is an experienced multifamily investor with several hundred units across the Phoenix Metro region. “Wood River Properties had held the property since 2001,” states Alon Shnitzer, Senior Managing Partner at ABI Multifamily.

The Buyer, FSC Realty, LLC, is a privately owned limited liability company and is an operating partner/owner of apartments, shopping centers, and office buildings. Guided by Stanley R. Fimberg and his partner, Albert A. Baril, have over 50 years of experience in the acquisition, ownership, management, financing, and disposition of all classes of real estate assets.

“It should be noted that we (ABI) recently also completed the $28M sale of Morningside Apartment Homes in the exclusive Scottsdale Ranch Area of Scottsdale. In that transaction the buyer was the seller of Vista Sureno and the seller was the buyer of Vista Sureno now. The buyer of Vista Sureno, FSC Realty, saw potential rental upside at Vista Sureno and knows the submarket well, as they own a similar apartment community just 2 miles away. Clearly, this was a win-win for both sides and back to back touchdowns for ABI Multifamily,” adds Alon Shnitzer.

The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both the Buyer and the Seller 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.