Phoenix, AZ – ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $9.3 million ($83,036 per unit) sale of the 112-unit, Quail Canyon Apartment Homes located on McClintock Drive, just South of Broadway Road, less than one mile from Tempe Light Rail.  The sale marks the 5th transaction brokered by ABI Multifamily since June 1st with a cumulative sales volume in excess of $35 million.

“A lot of people use the term ‘value-add’ when marketing a property for sale, but this particular transaction meets its true definition,” states Alon Shnitzer, Senior Managing Partner at ABI and lead broker representing both the buyer and seller for this transaction.  “Wood River had owned this property for 15 years. They had already completed renovations on 34 of the 112 units, which equates to roughly 30% of the property and each of the 112 units was pre-plumbed for a washer/dryer.  This allows the buyer, Canada-based, Living Well Homes, to implement a solid value-add strategy by completing the renovations and adding in washers/dryers to the interior of the apartments.”

Quail Canyon is located at 2045 South McClintock Drive, Tempe, AZ and was originally built in 1980.  The 112-unit property features an attractive mix of one and two bedroom units (73% of which are two bedrooms).  Considering its attractive location, near high transportation corridors, Light Rail, ASU and regional employers, produced tremendous buyer/investor interest in the property.  According to Shnitzer, “after receiving more than a dozen offers, the seller accepted Living Well Homes’ offer for two reasons, first, it was a true all-cash offer and secondly, Living Well is an experienced Phoenix multifamily investor with a solid, proven track record.”

The seller in this transaction is also an experienced Phoenix Metro multifamily investor, Wood River Properties, based in Santa Monica, CA.  Wood River Properties was also represented by ABI Multifamily just two weeks ago in the sale of the Sonoran Ridge Apartments, for Lennar’s Tempe assemblage site – The Motley.

The buyer, Canadian-based, Living Well Homes, is an experienced multifamily investor who owns over a thousand units across the Phoenix Metro.

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

To learn more Kobierowski is reachable at 602.714.1384, Shnitzer is at 602.714.1283, Bax can be contacted at 602.714.1406, Lazovick is at 602.714.1388, and Chang can be contacted at 602.714.1398.

ABI Multifamily has announced the $10.9 million sale ($48,661 per unit) of the 224-unit Fountain Oaks Apartments located near 40^th Street and McDowell Road in Phoenix, AZ. The sale is the 3^rd transaction brokered by ABI Multifamily in the first week of June with a cumulative sales volume of over $25 million between the three.

The Seller in the transaction was Los Angeles based Summit Equity Investments. The property was the last multifamily asset the Seller held in Phoenix, AZ. Summit Equity Investments purchased the property in September 2011 from GE Capital Real Estate as a REO purchase for $8.3 million. “Summit Equity Investments was active during the economic downturn in the Phoenix apartment market, having purchased multiple bank-owned properties at that time. As with all their acquisitions here, they were very successful in executing their value add strategy and were able to achieve a strong premium over their acquisition cost,” states Eddie Chang, Partner at ABI Multifamily.

The Buyer was Tempe-based apartment developer, Avtar Verma. The purchase is Mr. Verma’s first acquisition of an existing multifamily property in Phoenix; he previously developed, and currently holds, a 112-unit apartment complex in Chandler, AZ built in two phases – 2003 & 2009 – as well as assets throughout Texas. The Buyer was attracted to Fountain Oaks’ all two-bedroom unit mix and its East Phoenix (Papago area) location. In the coming months, the Buyer plans to make improvements to the property, including renovating the interior units with new appliances, cabinets and countertops. “It’s been difficult to find an East Phoenix apartment community that is individually-metered for electricity, has a majority of two bedroom units and is deliverable for under $50,000 per unit. Fountain Oaks Apartments presented the Buyer with such an opportunity. The Buyer will now look to add value to the property and raise rents by renovating the property,” states Doug Lazovick, Partner at ABI Multifamily.

The property, located on 40^th Street just south of McDowell Road, was built in 1983. The 224-unit, all two-bedroom, two-story complex is constructed of wood frame with pitched tile roofs and sits on slightly more than 7.3 acres. Ideally situated less than a ¼ mile north of Loop 202’s 40^th St entrance, provides residents with quick freeway access to the entire Phoenix Metro. Additional nearby amenities include the Arcadia Crossing Shopping Center with 625,000-square-feet of retail shopping with tenants including Target, Costco, OfficeMax, Fry’s Food and Sears. Also approximately one mile north is the Tower Plaza Shopping Center with tenants including Home Depot, Walmart and Harkins Theatres.

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

ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions with offices in Phoenix and Tucson.

Phoenix-based, ABI Multifamily has announced the sale of a 78-Unit, multifamily property – Sonoran Ridge Apartments – for $7.3 million ($93,590 per unit). Sonoran Ridge (1205 E. Apache Blvd) and the adjacent 100-room, Day’s Inn Motel (1221 E. Apache Blvd) was purchased by Lennar Multifamily Communities for a combined purchase price of approximately $11.5 million.

The 6.7 acre site is set to be redeveloped into a 399-unit apartment community featuring four levels of apartments stacked on top of podium parking and 4,242-square-feet of ground floor retail space. Construction is set to begin immediately.

“This is a fantastic site for redevelopment for a whole host of reasons including close proximity to Light Rail, A.S.U. and in close proximity to the state’s top employers,” states Alon Shnitzer, Senior Managing Partner at ABI and lead broker representing the seller for this transaction. “It was an 18 month escrow because the selling entity needed to deliver the property free and clear of tenants/any property leases and the buyer needed to get the zoning approval.”

The Motley is Lennar’s second apartment project in Tempe, the other, Skywater at Town Lake (601 W Rio Salado Pkwy) is in the final phase of construction with completion set for the end of July. In addition to the two Tempe projects, Lennar Multifamily has plans to build 367-units at the northwest corner of McDowell Rd and Central Ave in Phoenix’s Midtown District and another 283-unit apartment community in Chandler at the northeast corner of Chandler Blvd and McClintock Dr.

The Buyer, Lennar Multifamily Communities, with a Western Headquarters in Aliso Viejo, CA, is an experienced multifamily developer with thousands of units under development across the United States.

The Seller, Sonoran Apache LLC, based in Santa Monica, CA, is an experienced multifamily investor.

The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented the seller in the transaction. Michael A. Lieb of Cherokee Development represented the buyer in the transaction.

ABI Multifamily, a brokerage and advisory services firm that focuses exclusively on apartment investment transactions recently announced the opening of an office in Tucson.

To learn more Shnitzer, Kobierowski, Bax, Lazovick and Chang should be contacted at 602.714.1400. Lieb can be reached at 602.870.7495.