ABI Multifamily Brokers $4.35M Apartment Sale in Arcadia-Lite Neighborhood

Arcadia Edge Apartments, Phoenix. AZ

Phoenix, Arizona — ABI Multifamily is pleased to announce the $4,350,000 / $189,130 Per Unit sale of the Arcadia Edge Apartments, a 23-unit apartment community located in Phoenix, Arizona.

The property is a single-story apartment community, built of solid block construction and comprised of nine separate buildings built in 1967 and extensively renovated in 2017.  The property features all (23) 2bed/1-bath units with an average size of 803-square-feet.  Each unit is individually metered for electricity and each has an individual backyard.

“The buyer was attracted to the strong unit mix, property renovations, stabilized rents and the ArcadiaLite location.” states Royce Munroe, Vice President at ABI who represented both the Seller and the Buyer.

The Seller was a private investor based in Arizona.

The Buyer was a private investor based in California.

The Phoenix based ABI Multifamily brokerage team of Royce Munroe, Ryan Smith, John Klocek, Patrick Burch and Nathan Bruer represented the Buyer and Seller in this transaction.




Apartment Community Trades for $2.22M near Light Rail in Phoenix’s Central Avenue Corridor

Pierson Palms Apartments, Phoenix, AZ

Phoenix, Arizona – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $2,220,000 ($111,000 per unit) sale of the Pierson Palms Apartments, a 20-unit apartment community located in Phoenix, Arizona.  The property is a two-story apartment community, built of solid block construction in 1958 and rests on 0.87 acres.  The property features (6) 1-bedroom, (9) 2bedroom/1-bath and (5) 3 bedroom/2-bath units with an average size of 829 square feet with each unit individually metered for electricity.

“The property is located less than 1/3 of a mile to two separate light rail stations and is literally minutes from all the major job and development projects occurring along the Central Corridor,” states John Klocek, Vice President at ABI who along with, Patrick Burch, represented the Buyer and Seller.  “The Buyer saw a great opportunity to purchase a substantially rehabbed project in an area with significant demand.”

The Seller was a private investor based in Arizona.

The Buyer was a private investor based in California.

The Phoenix based ABI Multifamily brokerage team of John Klocek, Patrick Burch, Royce Munroe, Ryan Smith and Nathan Bruer represented the Buyer and Seller in this transaction.




ABI Brokers Downtown Phoenix Land Sale for $1.8 Million

325-341-N-6th-Ave., Phoenix, AZ

Phoenix, AZ –  ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $1.8 million ($49.79 PSF) sale of .83 acres in Downtown Phoenix.

Patrick Burch, Vice President at ABI, representing the Seller in the transaction notes, “This is quickly becoming a very dynamic part of downtown Phoenix with the success of Alta on Fillmore, the large City of Phoenix RFP property (both on the same street), and the opening of the already popular Van Buren music venue a short walk from the property (less than 1/8 of a mile).  The buyer also purchased the property next door to add to his development.”

The Seller is a private investor based in California.

The Buyer is a private multifamily/single family developer based in California.

Phoenix based ABI Multifamily team of Patrick Burch, John Klocek, Eddie Chang, Ryan Smith, Royce Munroe and Nathan Bruer represented the Seller in this transaction.