Phoenix, AZ – ABI Multifamily, Arizona’s largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $15 million ($44,643 per unit) sale of the Country Creek Apartments, a 336-unit Glendale apartment community located in Glendale, Arizona.

Located in the South Glendale Submarket, Country Creek is approximately a mile from Downtown

Glendale and a short drive to The University of Phoenix Stadium and Westgate Entertainment District. “The Buyer sees an opportunity to raise rents at the property through exterior and interior renovations. The construction quality, floor plans and attractive price per unit further fueled the Buyer’s interest,” states Doug Lazovick, Partner at ABI, who was the lead broker representing the Buyer in the transaction. “The Seller purchased this property over 10 years ago, which is a rare find in Phoenix, given that we went through a major recession and most properties of this class have traded since then. Overall the property had good “bones”, newer roofs with a warranty and is located in an emerging part of Glendale, with little nearby competition, which made it an attractive opportunity,” according to Eddie Chang, Partner at ABI, who was lead broker represented the Seller. “The surrounding area within a 3-mile radius of the property has really improved since the seller originally acquired the property in 2003. The location strength coupled with the renovations planned by the Buyer should significantly improve the income at the property,” states Alon Shnitzer, Senior Managing Partner at ABI, who was also the lead broker representing the seller in the transaction.

Country Creek is an all two-story apartment community built in 1985. The property consists of an attractive mix of 48% (160) 2-bed, 40% (136) 1-bed and 12% (40) Studio unit types with an average size of 634 square feet. The property is individually metered for electricity and was built with frame/stucco construction. Country Creek sits on 14.02-acres of land, with 20 total building structures, a dedicated leasing center and contiguous single family residence. Additional property features include: two swimming pools, sand volleyball court, three on-site laundry facilities, ample covered and open parking, a playground and BBQ grill areas. The property was approximately 90% occupied at close of escrow.

The Seller, KUMS Inc., is a private partnership based in Arizona. Country Creek was their only multifamily asset in the Phoenix Valley.

The Buyer is a Tempe, AZ based private capital investor. They own multiple multifamily assets in the Phoenix valley. This is their second purchase through ABI Multifamily.

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

For more information, contact Lazovick at 602.714.1388.

Phoenix, AZ – ABI Multifamily, Arizona’s largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $22 million ($121,000 per unit) sale of The Hawthorne Apartments, a 182-unit (out of 276) apartment community located in Phoenix, Arizona.

“The Buyer, who also owns and manages Mozaic at Steele Park less than one mile away, loved the potential synergies between the two properties. The Buyer liked the fact that The Hawthorne was just as meticulously maintained and well managed as Mozaic, and they would work very well together serving this strong Midtown Phoenix submarket,” states Rue Bax, Senior Managing Partner at ABI who represented the Buyer and Seller.

Located in the Midtown Phoenix Submarket, The Hawthorne is located across the street from Evergreen Development’s proposed 306-unit development and approximately two (2) miles from both the I-17 and SR-51 Freeways. “The Submarket has witnessed a tremendous amount of economic activity over the past several years with over 4,000 new job announcements within 2 miles of the community,” states Doug Lazovick.

The Hawthorne is a gated-community that sits on 10.11-acres of land, with over 23 total building structures and a dedicated leasing center. Additional property features include: state-of-the-art fitness center, Tuscan style clubhouse with designer kitchen and custom fireplace, resort style pool, separate lap pool, two spas, pool house with TVs and bar area, gourmet BBQ grill areas and detached garages.

The Seller is Arizona-based Pacific Real Estate Partners.

The Buyer is Washington-based Weidner Apartment Homes, a private investment group who is one of the largest owners of multifamily units across Arizona.

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

For additional information Rue Bax, lead broker on this transaction can be reached at 602.714,1406

PHOENIX, AZ – ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $10 million ($30,488 per unit) sale of the 328-unit, Glendale Manor Apartment Homes, located in Glendale, AZ. Built in several phases from 1963 to 1973 and highly repositioned in 2014 / 2015, the property features a mix of Studio, 1-, 2-, 3- and 4-bedroom unit types, with a weighted average unit size of approximately 605-square-feet.

“In January of 2014 the current sellers acquired Glendale Manor as a distressed asset 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,” states Alon Shnitzer, Senior Managing Partner at ABI and who represented the Seller.

Located in the South Glendale Submarket, Glendale Manor is less than a mile from Downtown Glendale and a few miles east of the University of Phoenix Stadium and Westgate Entertainment District. “The Buyer, Transpacific Asset Management, is an experienced multifamily investor,” states Doug Lazovick, Partner at ABI, who represented the Buyer in the transaction. “Dalan & VM Management did a fantastic job repositioning the asset, which is both individually and master metered for electricity. The Buyer, who owns multiple master metered properties and one in the same submarket, is well suited to realize substantial upside by optimizing the asset’s performance. Additionally, 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), further peaked the Buyer’s interest.”

Glendale Manor Apartments sit on 11.71-acres of land, with over 39 total building structures and a dedicated leasing center. Additional property features include: three swimming pools, three on-site laundry facilities, ample covered and open parking, a playground and BBQ grill areas. The property was approximately 90% occupied at close of escrow.

The buyer, Transpacific Asset Management LLC, is a California based multifamily investor.

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 Doug Lazovick, Alon Shnitzer, John Kobierowski, Rue Bax and Eddie Chang represented both buyer and seller in this transaction.

For more information, Lazovick should be reached at 602-714-1388, Shnitzer can be contacted at 602-714-1283, Kobierowski is at 602-714-1384, Bax should be contacted at 602-714-1406, and Chang can be called at 602-714-1398.