ABI sells Vista Sureno Apartments in Phoenix for $17.4M
ABI Multifamily announced the $17,400,000 sale of the Vista Sureno Apartments, a 186-unit apartment community located in Phoenix, Arizona.
Vista Sureno Apartments is an all two-story, garden style apartment community, originally built in 1985, and comprised of 29% one bedroom/one bath and 71% two bedroom/two bath apartments with an overall average size of approximately 870SF. Each unit is individually metered for electricity and equipped with full-size washers/dryers, dishwashers, frost-free refrigerators, garbage disposal, breakfast bar, pantry, ceiling fans and private patios-balconies with plenty of storage space. Select units have newer black or white appliances, vaulted ceilings (2nd floors only), fireplaces, upgraded flooring, new countertops and cabinets. The community also provides its residents with a sparkling swimming pool, heated spa, renovated fitness center and clubhouse, resident lounge with flat-screen TV’s, nature trails, picnic pavilions, charcoal barbecue grills, and an abundance of covered and open parking. Vista Sureno is less than a mile from the currently under construction Loop 202 Extension and only minutes from Chandler’s famed Price Technology Corridor.
“The Ahwatukee area of Phoenix is very exclusive and boasts some of the highest household incomes in all of Phoenix. It’s hard to find available multifamily inventory there, as the area is completely built out, very stable and traditionally properties in A-type locations like this are held on to for a long-time. The ownership of Vista Sureno, Wood River Properties, held on to the property since 2001,” states Alon Shnitzer, Senior Managing Partner at ABI Multifamily.
The California-based Seller, Wood River Properties, is an experienced multifamily investor with several hundred units across the Phoenix Metro.
The Buyer, FSC Realty, LLC, is a privately owned limited liability company and is an operating partner/owner of apartments, shopping centers, and office buildings. Guided by Stanley R. Fimberg and his partner, Albert A. Baril, have over 50 years of experience in the acquisition, ownership, management, financing, and disposition of all classes of real estate assets.
“It should be noted that we (ABI) recently also completed the $28M sale of Morningside Apartment Homes in the exclusive Scottsdale Ranch Area of Scottsdale. In that transaction the buyer was the seller of Vista Sureno and the seller was the buyer of Vista Sureno now. The buyer of Vista Sureno, FSC Realty, saw potential rental upside at Vista Sureno and knows the submarket well, as they own a similar apartment community just 2 miles away. Clearly, this was a win-win for both sides and back to back touchdowns for ABI Multifamily,” adds Alon Shnitzer.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both the Buyer and the Seller in this transaction.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. The experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.