ABI Multifamily announced the sale of 28 townhomes (11 completed in Phase I and 17 partially completed in Phase II) – Called Portales Townhomes – for $1.7M ($60,714 per unit).
“Portales is located in a prime north Phoenix enclave, near Loop 101 and I-17, allowing 
residents easy access to the entire Phoenix valley. The partially completed aspects of this project garnered considerable attention from developer clients and traditional investors looking to create and deliver a new vision for the property. This is one of the last partially completed townhome developments left from our downturn”, stated Alon Shnitzer, Senior Managing Partner at ABI and lead broker for the transaction.
This unique transaction, and the fact it is among one of the last Lender REO sales, generated a large amount of interest from a variety of potential buyers. ABI fielded a high volume of offers in a very competitive process. With the Phoenix metropolitan area experiencing a significant resurgence in almost every aspect of real estate, and particularly in the multifamily sector, ABI expects values and competition for properties to continue to rise. According to Rue Bax, Senior Managing Partner at ABI, “Summer 2014 is here and Arizona is literally and figuratively heating up. As we have shaken off a couple of painstaking past years, these next few years are going to be very exciting from an investment and growth perspective. We are in the beginning stages of a new wave of real estate development and enhancement throughout the Phoenix metro.”
Portales Townhomes is a gated community located at 21655 North 36th Avenue in Glendale, Arizona. The entire complex contains 38 townhomes of which ABI Multifamily transacted 28 of them (11 completed in Phase I and 17 partially completed townhomes in Phase II) that were lender controlled. Portales is an all two story property, with nine buildings, constructed of wood frame and stucco and with Santa Barbara/Tuscan style architecture. The property site is located on approximately 4.046 acres. Each unit comes with a two-car direct access garage and the property contains ample parking for residents and guests.
Phase I of The property was originally built in 2007/08 and intended to be for sale product.
Portales Townhomes common area amenities offer residents a large swimming pool area, two ramadas, barbecue area, and open and covered parking. Luxury in-unit amenities and features (Phase I) include built-in microwaves, dishwashers, electric ranges/ovens, and garbage disposals. Additional unit amenities include attached garages, electric heat, refrigerated cooling, inside laundry, enclosed patios, and private balconies. The large floor plan, multi-level townhome format at Portales allows for each unit to be 3 Bedrooms and 2.5 Baths and average approximately 1,457 square feet.
The Buyer, Portales, LLC based in Phoenix, AZ, is an experienced real estate developer and investor.
The Seller, Rialto Capital based out of Miami, Florida, acquired the loan which encumbered this property through a FDIC Loan Acquisition Pool. The 28 total townhomes included in this bulk sale were delivered on a free and clear basis to the buyer.
