ABI sells multifamily asset in 16th Street Corridor
ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, announced the sale of the Palm Vista Apartments a 40-unit, apartment community for $1,950,000 or $48,750 Per Unit. Originally built in 1982, Palm Vista Apartments is comprised of two contiguous buildings that are constructed of block and wood with pitched roofing. Over the last several years, the property underwent extensive interior and exterior renovations.
“The Seller purchased the property in 2010 as a lender owned asset from a major national bank. At that time, the 16th Street Corridor, particularly between Indian School Rd and Camelback Rd, had suffered a major setback during the 2008-11 recession. Since the sellers’ ownership began, a major infusion of capital expenditures was made to completely reposition the property. They even did all new cabinets, countertops and appliance packages in each unit. It’s really nice and they did a really good job in turning around the property,” states Alon Shnitzer, Senior Managing Partner at ABI.
According to John Kobierowski, Senior Managing Partner at ABI, from the buyer’s perspective, “ever since the market turned around, the entire corridor has exploded with apartment construction growth; currently, 435 units are under construction (@51 and Escape Modern Living) and another +/-500 planned. The construction boom has displaced many residents in the area, which provides tremendous rental upside for the Buyer to provide more affordable rental housing alternatives to those residents while maintaining its historic high occupancy.”
The property is ideally located in Midtown Phoenix’s 16th Street Corridor location. With easy access to jobs, higher education schools, quality healthcare and shopping, the property is uniquely positioned for continued high demand.
Palm Vista Apartments Sale Highlights:
- Well maintained and completely renovated apartment community
- Attractive Unit Mix Consisting of One and Two Bedroom Unit Types (80% Two Bedrooms)
- Value-Add Opportunity through further renovations and/or redevelopment capability with an attractive R-4 zoning
- Close to heavily trafficked transportation/employment corridors
The Buyer is an experienced private investor from Hawaii.
The Seller is an experienced private investor from Canada, with other multifamily holdings in the Phoenix MSA.