ABI Brokers $6.25M Apartment Sale near Westgate Center and the Loop 101 Freeway

Sierra Verde Villas

Phoenix, AZ – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $6,250,000 / $107,758 per unit sale of Sierra Verde Villas located in Phoenix, Arizona.  Built in two phases, 1987 and 1999, Sierra Verde Villas is a garden-style apartment community that features 58 units in 4 rental buildings constructed of wood frame and stucco.

The property has pitched composition shingle roofs and rests on approximately 3.25-acre.  The unit mix consists of (47) two bed and (11) three bed units with an average size of 1,051 SF. The property offers air conditioning / heating, dishwasher, refrigerator, range / oven, microwave, washer/dryer, vaulted ceilings and walk-in closets. This gated community also provides its residents with two covered car ports, a landscaped community courtyard, private patios in select units and secure storage units.

“Sierra Verde Villas is located near Westgate Center, Cardinal Stadium, shopping, dining, sports, entertainment and easy access to the Loop 101 Freeway.  The majority two and three-bedroom units was very appealing to the Buyer and their ability to add value over time,” states Rue Bax, Senior Managing Partner at ABI, who represented both the Buyer and the Seller in the transaction.

The Buyer is a private multifamily investor based in Phoenix, AZ.

The Seller is an experienced private investor based in Southern California.

The multifamily brokerage team of Rue Bax, John Kobierowski, Alon Shnitzer, Eddie Chang and Doug Lazovick represented both the Buyer and Seller in this transation.




ABI Brokers $7.15M Apartment Sale near Desert Ridge Marketplace in Northeast Phoenix

CasaNuevas-Twilight Apartments, Phoenix, AZ

Phoenix, AZ — ABI Multifamily is pleased to announce the $7,150,000 / $79,444 Per Unit sale of Casa Nueva Apartments located in Phoenix, Arizona.  Built in two phases, 1981 and 1987, Casa Nueva Apartments is a two story, garden-style, individually metered apartment community.  It features 90 units consisting of (7) one-bedroom/one-bathroom units, (33) two-bedroom/one-bathroom units and (50) two-bedroom/one-bath units with a weighted average size of 745-square-feet.

“Casa Nueva Apartments is located in northeast Phoenix nearby major Phoenix Metro employment and entertainment hubs of Paradise Valley, Desert Ridge and Scottsdale.” states Rue Bax, Senior Managing Partner at ABI, along with Eddie Chang, Partner, who represented both the buyer and the seller in the transaction. “The Phoenix MSA was named 2nd out of 32 major employment markets for job growth in 2016 and a 2.2% population growth with a 3.1% unemployment rate as of May 2018.  The buyer intends to continue capitalizing on this trend and strong rent growth potential with a value add approach through additional interior and exterior upgrades.”

Casa Nueva Apartments is situated just west of the Piestewa Freeway (SR-51).  Residents enjoy direct access to all areas of the Phoenix Valley by way of the 51 and Pima Freeway (Loop 101). In addition, there are numerous dining and entertainment options in close proximity to the property, including Desert Ridge Marketplace, one of the most popular shopping centers in the Phoenix Metro with 1.2-million-square-feet of retail space.

The buyer is a private multifamily investor based in Phoenix, AZ.

The seller is an experienced private investment company based in California.

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

ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions.  With offices in Phoenix, Tucson, Sacramento and San Diego.

 

 




ABI Multifamily Brokers The Vue on Camelback Sale in Central Phoenix Adjacent to Light Rail

The Vue on Camelback

Phoenix, AZ — ABI Multifamily is pleased to announce the $9.5 million  / $102,151 per unit sale of The Vue on Camelback located in Phoenix, Arizona.  Originally built in 1974 and intensely renovated in 2017/18, The Vue on Camelback is a two story, garden-style apartment community that features 93 total units in 6 rental buildings constructed of wood frame and stucco.

The property has flat roofs and rests on approximately 2.62-acres.  The unit mix consists of 48 one-bedroom / one-bathroom units measuring approximately 530-square-feet, 44 two- bedroom / one-bathroom units measuring approximately 730-square-feet, and 1 two-bedroom / one-bath unit measuring approximately 930-square-feet, with a weighted average size of 629-square-feet.  Electricity, gas, and water are all mastered metered and reimbursed by tenants through a flat rate. Hot water for the property is provided by master boilers and HVAC is individual roof-mounted. Units feature air conditioning / heating, ceiling fans, outside storage, patio / balcony, and kitchens equipped with dishwasher, range / oven, and refrigerator. The community also provides its residents with a swimming pool, clubhouse, and laundry facility.

“The Vue on Camelback is centrally located along the Camelback corridor near Grand Canyon University and Christown Spectrum Mall and walking distance to the light rail,” states Alon Shnitzer, Senior Managing Partner at ABI, along with Rue Bax, Senior Managing Partner, who represented both the buyer and the seller in the transaction.”

“The property was acquired by the selling entity 2015 and went through an intensive renovation inside and out.  They brought the property back to life with the beautiful renovations and modern touches, “states Rue Bax.

The buyer is a private investor with offices in Phoenix, AZ and Canada.

The seller is a private investment partnership based in Phoenix, AZ.

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