Phoenix, Arizona – With the Arizona sun, sports arenas, shopping, dining, entertainment and the Roosevelt Row arts district, no wonder why Downtown Phoenix is booming.  New and established companies are flocking to grow and expand their businesses into the trending corridor where plush hotels and educational facilities surround the buildings alike. SVN Desert Commercial Advisors, Justin Horwitz and Paul Borgesen III are two brokers in the downtown Phoenix area that are integral part of the growth.

Just recently, the dynamic downtown expert team closed on two properties within a few miles of each other from downtown Phoenix to the central Phoenix corridor.  The 7,156-square-foot property located at 714 N. 3^rd Street sold for $800,000 just south of the Roosevelt Row Arts District in downtown.  SVN represented the sellers in the transaction.  After owning this and many other properties in the downtown area for generations, the Matz family elected to begin the process of liquidating its holdings.  Horwitz stated, “We are so excited to see this building particularly sell to such a solid buyer.”  Local business owner, Mike Little worked hand in hand with the seller to acquire the property.  Little plans to move his own business into the building while also continuing to offer rental space to the community.  “It’s nice to know it’s in equally as good of hands moving forward,” said Horwitz.

Just right up the street off 3^rd Ave, is another sale for $860,000.  The property is located at 3130 N. 3^rd Ave. in Phoenix right on the backside of Park Central Mall.  Horwitz and Borgesen III also represented the seller in the sale transaction.  Seller 3130 North Third Ave, a joint venture and the buyer, Nogachi, LLC is excited to come in and make some immediate changes.  The husband and wife team owns a CPA and law firm respectively. Ruger and Magaly Fontes plans to renovate the 8,668-square-foot building and occupy a portion while leasing back a small portion of the building to the seller who also has an existing law firm.

Horwitz stated, “We are really looking forward to seeing this building post renovation and to watch that immediate area blossom with everything planned at Park Central Mall across the street.”  Park Central Mall was once a retail jewel in the desert and in the process of a $57 million project to revitalize the property.  With all the mixed-use projects with restaurants, office and other amenities, this will location will add value to the development in the area.

Phoenix, AZ – ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $1.165 million ($97,083 per unit) sale of the Historic Power Apartments located in Phoenix, AZ. Originally built in 1914 as apartments, the property was converted and has been run as an office building for many years. The new owner intends to revert the property back into a 12-unit apartment community.

“Although there are many new apartment developments occurring in and around the downtown Phoenix area, none are gathering as much interest as adaptive reuse projects,” states Alon Shnitzer, Senior Managing Partner at ABI.

“True historic, multifamily adaptive reuse projects are in extremely limited supply in the Phoenix Metro and resident interest in these particular projects is exponential. The new owners intend to capitalize on this latent demand and convert this historic gem back to its original intended use.”

The property is located in the highly desirable Roosevelt Row Arts District. The District is truly a one-of-a-kind in metro Phoenix with historic and modern buildings on tree lined streets with businesses, neighborhood services and residential. Power Apartments is within walking distance to the Roosevelt and Central Phoenix Light Rail Stop, allowing residents easy access to the rest of the valley. In addition, Arizona State University’s Downtown Campus and the University of Arizona’s College of Medicine are within walking distance from the property. Entertainment attractions nearby include the Orpheum Theatre, Phoenix Art Museum, Heard Museum, Herberger Theater Center, Phoenix Convention Center, Arizona Science Center, Chase Field and US Airways Center.

“Over the last 10-15 years, the new ASU Downtown Campus, BioMedical Campus, Convention Center, Light Rail and CityScape have all contributed a great deal towards the vibrancy and momentum of Downtown Phoenix. Sensing the area was ready to take-off, the Seller acquired multiple downtown assets over the last few years and recently began capitalizing on those investments. The Seller’s timing was very good,” quotes Eddie Chang, partner with ABI.

The buyer in this transaction, SBD Ventures, LLC, based in Phoenix, AZ, is an experienced Phoenix Metro multifamily investor and adaptive reuse specialist.

The seller in this transaction, Historic Power Apartments, LLC, based in Phoenix, AZ, is an experienced real estate investor who during the downturn acquired many historic properties in downtown Phoenix, AZ.

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

To learn more Kobierowski is reachable at 602-714-1384, John.Kobierowksi@ABImultifamily.com; Shnitzer is at 602-714-1283, Alon.Shnitzer@ABImultifamily.com; Bax can be reached at 602-714-1406, Rue.Bax@ABImultifamily.com; Lazovick is at 602-714-1388, Doug.Lazovick@ABImultifamily.com; and Chang should be called at 602-714-1398 Eddie.Chang@ABImultifamily.com

ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $1.65 million sale of Chester Place Lofts, located in Phoenix, AZ. The complete townhome/loft community consists of 11 individually parceled units that were built in 2008 and are currently operating as luxury rentals. The $1.65 million purchase price reflects a price of $150,000 per unit and $145.57 per square foot.

The original developer of the project intended to sell-off the townhome/loft units to individual buyers. However, upon delivery, the condo market pricing could not justify sales and the community has been operated as luxury townhome rentals since completion. The seller, Pathfinder Partners, based out of San Diego, CA, purchased the property from a lender in 2012. Pathfinder Partners held the property all cash and kept the community intact. The buyer, a private individual, based out of Carlsbad, CA, purchased the property to continue operations as luxury rentals.

This sale marks the second complete townhome/condo transaction in two weeks brokered by ABI Multifamily. In early February 2015, ABI Multifamily reported the sale of Dolce Villagio Townhomes, 37 total units, located in Tempe, AZ. Dolce Villagio is also individually parceled, but as with Chester Place Lofts, became luxury rentals upon its delivery in the downtown Tempe area and will also continue to be run as luxury rentals.

Chester Place Lofts is a fully gated, a two-story townhome/loft community, which wraps around a centrally located large pool area. The property is constructed of brick and stucco. All 11-units are highly appointed with loft-style upgrades. The upgrades include cherry wood cabinetry, granite countertops, polished stained concrete and/or hardwood flooring, in unit washers/dryers and an exterior individual oversized garage for each unit. Units at Chester Place average over 1,000-square-feet and each includes 3 patios.

The property is located in the highly desirable Roosevelt Row Arts District. This area sits within the City of Phoenix Urban Form Project and Downtown Code that forces new development to design with the intention of promoting pedestrian-friendly and architecturally appealing streets in order to remain desirable and continue to prioritize improvement of the area. Chester Place is within walking distance to the Roosevelt and Central Phoenix Light Rail Stop, allowing residents easy access to the rest of the valley. In addition, Arizona State University’s Downtown Campus and the University of Arizona’s College of Medicine are within walking distance from the property. Entertainment attractions nearby include the Orpheum Theatre, Phoenix Art Museum, Heard Museum, Herberger Theater Center, Phoenix Convention Center, Arizona Science Center, Chase Field and US Airways Center.

The Phoenix based ABI Multifamily brokerage team of John Kobierowski, Alon Shnitzer, Rue Bax, Doug Lazovick, Eddie Chang, Terry Kass and Mark Skelpsa facilitated the transaction.

To learn more Kobierowske should be called at 602.714.1384, Shnitzer is at 602.714.1283, Bax can be reached at 602.714.1406, while Lazovick can be contacted at 602.714.1388, Chang is at 602.714.1398, Kass at 602.635.7431 and Skelpsa should be called at 602.635.4655.