Phoenix, Arizona – ABI Multifamily is pleased to announce the $22,650,000 / $128,693 per unit sale of the Town Center Apartments, a Class “A” garden style apartment community, located in Queen Creek, Arizona (Pinal County).

Situated in the heart of Queen Creek, Town Center is a two and three story garden style community which rests on 10.52 acres of land and was completed in 2009.  Built of a combination of wood and block construction, the property features an attractive mix of (40) -1 bed, (112) – 2 bed and (24) – 3 bed units that range in size from 750 -1,272 square feet.  Unit interiors feature custom cabinetry in kitchen, bath and laundry, granite kitchen counter tops, hardwood style flooring and full size in-home washers and dryers.  Additional property features include: a fully furnished clubhouse with wet bar, 24-hour fitness center, heated pool and spa, as well as, shaded children’s play areas.

“The buyer purchased this property for a host of reasons,” states Eddie Chang, Partner at ABI and colead broker with Rue Bax, Senior Managing Partner, representing the buyer in this transaction.  “First, there’s extremely limited inventory in Queen Creek, in fact, there’s only one competing project and one currently in the planning phases.  Second, the area has witnessed an explosion in population rising over 30% since 2010 alone and among the fastest growing cities in the US.  Given these strong fundamentals, the buyer jumped at the opportunity to own a Class ‘A’ asset with value add upside in a rapidly growing area.”

The buyer, Laguna Point Properties, LLC, is an experienced private multifamily investment company based in California.

The seller, K and M Development #1, LLC, in an experienced multifamily investment partnership based in Arizona.

The Phoenix based ABI Multifamily brokerage team of Rue Bax, Eddie Chang, John Kobierowski, Alon Shnitzer, and Doug Lazovick represented the buyer in this transaction.

Phoenix, AZ – ABI Multifamily is pleased to announce the $13.5 million ($48,913 per unit) sale of the 276-unit, Casa Bellisima Apartment Homes, located in Glendale, AZ. Built in two phases in 1983/84 and highly repositioned in 2015, the property features a mix of Studio, 1 and 2-bedroom unit types, with a weighted average unit size of approximately 648 square feet.

“In April of 2015 the current sellers acquired Casa Bellisima out of a distress situation and immediately began an aggressive rehab and re-tenanting strategy. The Seller’s internal management company, VM Management, did an amazing job in turning around this property, while still leaving value-add upside for the buyer,” states Alon Shnitzer, lead broker for the transaction and Senior Managing Partner at ABI Multifamily.

Located in the South Glendale Submarket, Casa Bellisima, is about one mile south of Downtown Glendale and a few miles east of the University of Phoenix Stadium and Westgate Entertainment District. “The Buyer, a private investment group put together by Monument Real Estate Services, was seeking a reasonable return in a high growth area, while still having a lower price point as its entrance into the Phoenix Apartment market. Considering South Glendale’s reduced price/unit point of entry comparative to the rest of the Phoenix valley, as well as its solid population growth (increasing nearly 7% since 2000), helped seal the deal for the buyer.”

Casa Bellisima sits on approximately 10.12-acres of land, with 18 total building structures and a dedicated leasing center. Additional property features include: clubhouse, three swimming pools, three on-site laundry facilities, ample parking, a playground and BBQ grill areas. The property was approximately 98% occupied at close of escrow.

The Buyer was a private investment partnership group spearheaded and led by Monument Capital Group, a value-add company that directs a full suite of services in the strongest multifamily markets nationwide, based out of Miami, Florida. Through its management arm, Monument Real Estate Services (MRES), the firm directs a full suite of services including property management, asset management, and construction management for over 12,600 units in the strongest multifamily markets nationwide for Monument’s, three funds, joint ventures, off balance sheet transactions, and those controlled by third parties in the Southwest, Southeast, Midwest and Mid- Atlantic regions of the U.S.

The Seller was a Joint Venture between New York-based Dalan Management and Arizona-based VM Management. The partnership owns and manages real estate with a focus on improving and adding value to multifamily and commercial properties. Dalan’s portfolio includes residential properties in Manhattan, Brooklyn, Queens, the Bronx, Washington DC and Phoenix, Arizona with additional commercial holdings in Manhattan. VM’s portfolio consists of multifamily assets in the greater Phoenix area.

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

ABI Multifamily, Arizona’s largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $8.65 million ($47,011 per unit) sale of the Green Leaf at Broadway Apartment Homes, a 184-unit apartment community located at 8880 E Broadway Blvd. in Tucson, Arizona.

Green Leaf is an all two-story apartment community built in 1980 and renovated in 2015.  The property consists of an attractive mix of 60% (110) 1-bedroom and 40% (74) 2-bedroom unit types with an average size of 676 square feet.  Approximately 35% of the units have undergone renovations.  The property is individually metered for electricity and was constructed of wood frame/stucco.  Green Leaf has 10 total building structures, a dedicated leasing center and clubhouse.  Additional property features include: swimming pool, spa, basketball court, fitness center, two on-site laundry facilities, ample parking, and BBQ grill areas.  The property was approximately 95% occupied at close of escrow.

Located in the Southeast Tucson Submarket, Green Leaf is approximately a mile from Park Place Shopping Center, one of the most popular shopping malls in the Tucson Metro. Significant employers in proximity to the property include University of Arizona, Raytheon, Davis-Monthan Air Force Base, and Tucson Medical Center. “The Seller purchased Green Leaf as a distressed property in late 2013 and immediately implemented an overall rehab and repositioning plan, which included extensive exterior/common area and select interior apartment unit upgrades,” states Alon Shnitzer, Senior Managing Partner at ABI, who was the lead broker representing the Buyer and Seller in the transaction. “The buyer and seller are very experienced apartment owners and were a pleasure to work with.  In addition, on-site management was retained which helped make this an extremely smooth transaction.”

“The Southeast Tucson Submarket is absolutely exploding in population growth,” states Lance Parsons, CCIM, Vice President at ABI, who also represented the Buyer and Seller.  “From 2000, not only has the population increased 22% but median and per capita incomes have risen 33% and 32% respectively.  Given that most construction, in the Metro, has focused on the downtown and surrounding environs, the Buyer has an excellent opportunity to capitalize on completing the renovations started by the Seller and provide essentially newer product to a Submarket that most certainly is in demand of it.”

The Seller is a partnership formed through Bruce Ash, President/CEO of Paul Ash Management Company, LLC.  The firm is a privately held investment and property management partnership based in Tucson, Arizona.  Paul Ash Management Company, LLC operates multi-family, HOA, retail, industrial and public sector assets in eight different states across the country.

The Buyer is a private capital group based out of California.

The ABI Multifamily brokerage team of Alon Shnitzer, Lance Parsons, Ryan Kippes, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented the Buyer and Seller in this transaction.

For more information, Shnitzer can be reached at 602.714.1283 in Phoenix and Parsons should be contacted at 520.265.1945 in the ABI Tucson office.

To learn more, see RED Comp #4122.