ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, announced the $51,500,000/$120,327 per unit sale of the Avante Apartment Homes, located in Phoenix, Arizona. Built in 1999, Avante is a fully gated, two-story, garden-style apartment community constructed of wood frame and stucco that features a total of 428 units, in a low-density desirable setting.
“The property is, literally, at the interchange of the soon-to-be-completed I-10, Loop 202 interchange in West Phoenix and as far as active transportation corridors, it doesn’t get any better than that,” states Rue Bax, Senior Managing Partner, represented the seller, Inland Empire Builders. “The Loop 202 Expansion, effectively connecting the Southeast Valley cities of Ahwatukee, Tempe, Chandler, Gilbert to Central Phoenix has been a vision since the 1980s and, upon completion, will be the largest project in State history. Current estimates project between 117,000 to 190,000 vehicles will use the extension daily.“
Alon Shnitzer, Senior Managing Partner, who along with Eddie Chang, Partner, represented the buyer, states, “Avante is a well-constructed, meticulously maintained late-90s apartment project in a location with no new development. With rents for both the property and submarket nearly $200+ below that of the Phoenix MSA average, and large apartment sizes, make this a perfect value add play for the buyer.” Eddie Chang adding, “It’s very difficult to find projects like this anymore – late 90’s value add, low-density with large units, in a transitioning and improving Phoenix corridor.”
The property has pitched tile roofs and rests on approximately 21.5-acres. The unit mix consists of (57) one-bed, (322) two-bed and (49) three-bed units with an average size of 924 SF. Property amenities include a large free standing fitness center, clubhouse, children’s playground, swimming pool/spa/BBQ areas with lush landscaping and covered parking.
The buyer is a private investment partnership based in California.
The seller is Phoenix-based, Inland Empire Builders. With over 40 years of experience, Inland Empire has built thousands of apartment units across the West/Southwest United States.
The multifamily brokerage team of Rue Bax, Alon Shnitzer, Eddie Chang, John Kobierowski and Doug Lazovick represented both the buyer and seller in this transaction.
