ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the sale of Winding Creek, an apartment community in Phoenix. The 54-unit garden-style community was originally built in 1982. Winding Creek sold for $1,700,000, which reflects a price just over $31,000 per unit. The sale is the second transaction brokered by ABI Multifamily in the past week, with the two sales combining for nearly $10M in transaction volume.
The buyer in the transaction, Los Angeles-based Winding Creek Apartments LLC, was attracted to the heavy two-bedroom unit mix, attractive assumable debt, as well as the trending fundamentals in the immediate neighborhood. “The submarket that Winding Creek is located in – Northwest Phoenix – had been lagging behind other submarkets in the Phoenix Valley in rental rate recovery. However, the neighborhood has flourished in recent months and market rents and occupancy have spiked. In the past year, the submarket itself has seen a 5.5 percent jump in market rents and Winding Creek specifically has seen its occupancy go from 75 percent to 100 percent. The result has been renewed acquisition interest in the area as this has been the third apartment purchase on the block in the past seven months,” stated Alon Shnitzer, senior managing partner at ABI Multifamily.
The seller in the transaction, locally based J & Z Property Management LLC, had owned the property for almost a decade and the improving submarket presented them with the perfect opportunity to exit. “The seller has self-managed this property, along with other apartments they previously owned, for decades now. Similar to other owners in the neighborhood, the seller weathered their fair share of struggles during the recent economic downturn and takes great pride in the fact that they sold a fully occupied community. Winding Creek is the seller’s last multifamily asset in the Phoenix market and they are now looking forward to taking their weekends off” according to Doug Lazovick, Partner at ABI Multifamily.
Winding Creek is a two and one-half story apartment community located at 2501 West Ocotillo Road in Phoenix. The property was built in 1982 and sits in Northwest Phoenix on the Interstate 17 (I-17) Corridor. Direct access to the I-17 provides residents with easy access to employment, entertainment and numerous dining options. Winding Creek has a mix of one bed/one bath and two bed/one bath unit types. All apartments include individual HVAC systems. Common area amenities include a swimming pool, on-site laundry facilities and ample parking.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, Doug Lazovick, John Kobierowski, Rue Bax and Eddie Chang represented both the seller and buyer in this transaction.
