On the heels of announcing the sale of Mode39 Arcadia Townhomes for $3.7 million, ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., has announced the sale of three more apartment communities. On April 20, ABI completed the sales of the $6,050,000 / $242,000 per Unit / $233.14 per square foot sale of Scottsdale Townhouse Apartments, a 25-unit property in Scottsdale; the sale of the $6,150,000 / $192,188 per Unit / $173.14 per square foot Fernwood Court Apartments, a 32-unit property in Phoenix; and the $3,750,000 / $170,455 per Unit / $243.03 per square foot sale of Flower 22, a 22-unit property in Phoenix.
The Scottsdale Townhouse Apartments community is located in the heart of Old Town Scottsdale within walking distance from a hot bed of upscale restaurants, shopping, and entertainment options. The townhouse community features community laundry, a clubhouse, and a large courtyard. Built in 1973, Scottsdale Townhouse Apartments consists of 25 garden-style units that are individually metered for electricity and hot water. All units are two-bedroom, townhome-style floorplans that include private patios and yard-space.
“The property has premium appeal being located just off Scottsdale Road and less than a mile from Old Town Scottsdale. The Seller was motivated by strong demand for multifamily property and will pivot to properties smaller in size in the future,” states Royce Munroe, Vice President at ABI who represented the Seller.
ABI Multifamily Vice President Mitchell Drake, who represented the buyer, says “The Buyer saw a tremendous opportunity to purchase a non-rehabbed project with substantial upside in rents in an area where there is significant demand.”
Mitchell Drake, Dallin Hammond, and Royce Munroe of ABI Multifamily represented the buyer and seller. The buyer is an Arizona-based private investment firm. The seller is an Arizona-based private investment firm.
The second property, Fernwood Court, was built in 2010 and consists of 32 three-bedroom / two-bathroom units averaging over 1,100 SF. The community is a condo-mapped (individually parceled), complete project, luxury gated community. Each unit contains fully equipped kitchens with an in-unit full-size washer and dryer. In addition, with each unit comes a detached reserved two-car garage, as well as a private balcony for all second level units or a large backyard patio for units on the ground floor.
The community is located near numerous hiking trails as part of the Phoenix Mountains Preserve recreation area, easy access to AZ-51, and a short drive to one of the most popular shopping centers in the Phoenix Metro, Desert Ridge Marketplace.
“This was an exciting opportunity to purchase a gated property that’s of a newer construction, consists of all three-bedroom units, in addition to being a condo-mapped community in North Phoenix,” Shnitzer said. “Newer small to medium properties that have these characteristics, especially the unit mix and parceling, are a rare find in the Phoenix multifamily market.”
Doug Lazovick adds, “Given the current economic and logistical challenges, all parties had to go the extra mile to ensure a successful closing. This may have been just one transaction, but a wealth of experience was gained by everyone involved.”
Alon Shnitzer, Doug Lazovick, Eddie Chang, John Kobierowski, and Rue Bax of ABI Multifamily represented the buyer and seller. The buyer is a California-based private investor. The seller is an Arizona-based private investment firm.
The third property, Flower 22, was built in 1986 and renovated in 2019, and consists of 14 completely renovated two-bedroom / two-bathroom units and 8 completely renovated one-bedroom / one-bathroom units. Each unit contains fully equipped kitchens with new appliances, countertops, flooring, and bathrooms. On the exterior, the units feature new exterior paint and new roofs along with landscaping, parking lots, and a gated pool. All units have washer and dryers in unit and individually metered for electricity.
The apartment community is nestled in a prime Arcadia-adjacent location. Flower 22 is near The Biltmore and the 24th Street and Camelback Corridor which presents a vast amount of entertainment, shopping, and dining options. Also, the location includes easy access to the AZ-51 and a short drive to Phoenix Sky Harbor International Airport.
“Flower 22 offered an excellent opportunity for the Buyer to acquire a well-located asset with a strong unit mix of mostly two-bedroom units near the Arcadia and Biltmore areas which have enjoyed significant rent growth in recent years as well as exceptionally low vacancy rates,” Munroe said. “The seller consisted of multiple partners that chose to capitalize on strong demand in the multifamily market and move their equity to various other multifamily opportunities in the Phoenix area.”
Royce Munroe and Rue Bax of ABI Multifamily represented the buyer and seller.
The buyer is a California-based private investment firm. The seller is made up of Arizona-based private investors.