ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $28,200,000 / $151,613 Per Unit sale of the Vista Sureno Apartments, located in Phoenix, Arizona. Built in 1985, Vista Sureno is a two story, twelve building, garden-style apartment community with a frame construction type and a pitched tile roof that features a total of 186 units. The property rests on approximately 7.58-acres and features an attractive unit mix that consists of (29%) one-bedroom units and (71%) two-bedroom unit types. Vista Sureno also provides its residents with a sparkling swimming pool, heated spa, renovated fitness center, clubhouse, resident lounge with flat-screen TVs, nature trails, picnic pavilions, charcoal barbecue grills, and an abundance of covered and open parking. Interior amenities for majority of units include full-size washer/dryer, dishwasher, refrigerator, garbage disposal, breakfast bar, pantry, ceiling fans and private patio / balcony with storage closet. Select units have newer black or white appliances, vaulted ceilings (second floor units only), fireplaces, upgraded flooring, new countertops, and cabinets. Additionally, all units are individually metered for electricity.
Situated in the southeast portion of the Phoenix MSA in Ahwatukee, residents enjoy direct access to all areas of the Phoenix Valley by way of Interstate 10, the Santan Freeway (Loop 202), and the Superstition Freeway (US 60). Vista Sureno is ideally located in a high-income submarket and the highly rated Kyrene School District. In addition, there are numerous dining and entertainment options in close proximity to the property, including the Ahwatukee Foothills Towne Center and The Shoppes at Casa Paloma. Vista Sureno is also just a short drive from the Chandler Fashion Square and Arizona Mills Mall, both very popular shopping destinations in the Phoenix Metro, which combined feature hundreds of retail and restaurant options.
“Given that the average single family home list price in Ahwatukee is ~$435,000 and the average household income in the immediate 2 mile radius surrounding the property is over $80,000, the interest in this property offering was very high and from many national and even international investors. Over 24 formal property tours were provided and about the same in number of total offers presented to the selling entity. The buyer in this transaction already owns property in the submarket and the selling entity had confidence they would perform,” states Alon Shnitzer, Senior Managing Partner and lead broker for the selling entity.
“It’s very exciting to represent and assist the buying entity in expanding their footprint in the Ahwatukee submarket of Phoenix. ConAm currently owns and/or manages 14 properties in the greater Phoenix MSA and this acquisition will allow them to increase the number of units in the ever growing southeast part of Phoenix. With the nearby Loop 202, named South Mountain Freeway, scheduled to be completed as early as 2019, this excellent location will see even further demand from renters,” states Rue Bax, Senior Managing Partner and lead broker for the buying entity.
The buyer, ConAm, is a private investment group based in San Diego, California.
The seller, FSC Realty, is a privately owned limited liability company based in Beverly Hills, California.
The multifamily brokerage team of Rue Bax, Alon Shnitzer, John Kobierwoski, Eddie Chang and Doug Lazovick represented both the buyer and seller in this transaction.