ABI closes redevelopment play in Phoenix’s Uptown District
ABI Multifamily announced the $2,825,000 sale of the Idle Hours Apartments, a 28-unit apartment community located in Phoenix, Arizona.
Idle Hours Apartments is a low density one-story apartment community, originally built in 1956 and comprised of all two bedroom/one bath apartments with an overall average size of approximately 864SF. The property features all brick construction, pitched composition shingle roofing, a well maintained interior courtyard area and all within walking distance to Phoenix’s famed-16th Street and Bethany Home Road intersection.
“The neighborhoods surrounding 16th Street and Bethany Home Rd have witnessed tens of millions in redevelopment activity since the Seller purchased it in latter half of 2008,” states Eddie Chang, Partner at ABI. Repositioning plays have included the re-tenanting and new development of the Bethany East Shopping Center (SWC 16th Street & Bethany Home Rd) with new restaurants and entertainment venues, Sunbrite Corner Shopping Center (NWC 16th Street and Bethany Home Rd) with its eclectic mix of a neighborhood market, restaurants and retailers, as well as, several adaptive reuse projects on the East side of 16th Street north of Bethany Home including the Vig Uptown, Capriolli’s Sandwich Shop and Everything Bagels.
“The Buyer purchased the property as a redevelopment play and plans to build brand new for-sale single family townhomes on the site,” states Alon Shnitzer, Senior Managing Partner at ABI. “You’re seeing this type of assemblage and/or redevelopment activity play out in many of the hot neighborhoods in the Valley. Much like we negotiated on Lennar Multifamily’s assemblage site for The Motley in Tempe (currently under-construction), Developers are vying for well-located and zoned land near solid performing, and interior submarkets much like Phoenix’s North Central Uptown Submarket.”
The Seller is a private multifamily investor based in Illinois.
The Buyer is a private multifamily developer based in Arizona.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, Eddie Chang, John Kobierowski, Rue Bax and Doug Lazovick represented both the Buyer and the Seller in this transaction.