Phoenix, Arizona — ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $7,925,000 / $58,704 Per Unit sale of the Brookfield Terrace Apartments located in Phoenix, Arizona.  Brookfield Terrace is a three story, garden-style apartment community which rests on approximately 2.28 acres.  The unit mix consists of all one-bedroom/one-bathroom units measuring 602 square feet.  All utilities are master-metered including electricity, gas, water, and sewer and hot water for the property is provided by master boilers.  Units feature air conditioning / heating, balcony / patio, ceiling fan(s), oversized closets, walk-in closets, ceramic tile flooring throughout, and a kitchen equipped with a garbage disposal, gas range / oven and refrigerator.  Brookfield Terrace also provides its residents with a swimming pool and hot tub, clubhouse with billiards and kitchen, lighted walkways and common areas, two newly renovated laundry facilities and covered parking.

“Brookfield offered the buyer a number of strategic advantages,” states Alon Shnitzer, Senior Managing Partner at ABI, lead broker for this transaction.  “First, the Buyer was seeking a property in an up-and-coming submarket with potential to increase rents via further property upgrades.  The buyer, CALCAP, intends to invest over $1M into property upgrades, including improving the property appearance along 19th Avenue, renovating apartment interiors, and updating the common areas enjoyed by residents.  Second, the Buyer sees the Metro Light Rail corridor, particularly the northern end, as an area with more room for growth.  The property is, essentially, across the street from the 19^th Avenue/Glendale Light Rail stop and less than one mile from Christown Spectrum Mall.  As residents have been displaced with all the new high-end developments occurring in more urban core areas along Light Rail, the Buyer hopes to capitalize on this movement by offering a premium, renovated property with more attractive rents.”

The Buyer, California Capital Real Estate Advisors, Inc. (CALCAP) is an experienced multifamily investor based in California.  Founded in 2008 and led by former senior leaders of one of the largest thrifts in the U.S. Partnering with businesses, asset managers, real estate investors and developers, CALCAP represents individual and institutional investors by strategically allocating capital across a multitude of real estate investments.

The Seller, iA Financial Group, is an experienced Canadian-based multifamily lender.  Founded in 1892, iA Financial Group offers a comprehensive range of life and health insurance products, savings and retirement plans, mutual and segregated funds, securities, auto and home insurance, mortgages and car loans as well as a host of other financial products and services.  iA Financial Group has operations throughout Canada and stands out for the size and diversity of its Canada-wide distribution channels. The company also has operations in the United States.

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

For additional information Shnitzer can be reached at 602.714.1283 or at www.ABImultifamily.com.

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2230 East Fort Lowell Road, LLC an affiliate of California Capital Real Estate Advisors, Inc. (CALCAP Advisors) of Pasadena, CA (Edward Aloe, managing principal) bought the apartment complex Vista Catalina at 2230 East Fort Lowell Road in Tucson for[mepr-show rules=”58038″]$1.325 million ($22,845 per unit) for the 48,027 sq. ft. complex located on Fort Lowell between Country Club and Tucson Blvd.

The property (built 1971) has 58 one-and two-bedroom units in six buildings, ranging from 640 – 788 sq. ft., the units feature paid utilities, free Wi-Fi, covered parking, cable ready, individual climate control provided by a chiller system. Vista Catalina is on direct bus lines, minutes away from the U of A and within walking distance to grocery, shopping, dining, and public libraries. The community has lush landscaping, a pool, outdoor BBQ, and laundry facilities, on-site bilingual manager,  24-hr. emergency maintenance service, short-term and long-term leases, and a dog run for small & medium sized pets.

CALCAP Advisors, a real estate investment and advisory firm, bought the Class-C property to reposition it in the marketplace at an undisclosed cost. Acquisition cost was well below replacement cost, at $28 per sq. ft., it sold with seven vacancies. CALCAP is an experienced value buyer having completed over $50 million in multiple transactions, repositioning distressed multi-family and commercial properties in California, Arizona and Nevada.

CALCAP’s acquisition strategy is guided by the firm’s approach of identifying the best opportunities for capital appreciation. CALCAP looks to acquire, reposition and develop a blend of assets; working to preserve capital and deliver strong returns. Partnering with businesses, asset managers, developers and communities to reposition distressed real estate, provide liquidity, adds value not only for stakeholders but also the communities they serve. This is CALCAP’s first investment in the Tucson market.

The seller, EFL Apartment Partners (Pat McGlathery, principal) of San Diego, CA was represented in the transaction by Bob Kaplan and Allan Mendelsberg, Investment Specialists with Cushman & Wakefield / Picor Commercial Real Estate Services of Tucson.

The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank (IDB) Group provided financing for the transaction.

Aloe at CALCAP Advisors can be reached at (626) 229-9057. Mendelsberg should be contacted at (520) 546-2721 and Kaplan is at (520) 546-2737.[/mepr-show]