ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., announced the sale of three apartment communities in the greater Phoenix area. Mountain Gate Apartments in Phoenix, adjacent to Paradise Valley Mall, sold for $22.25 million. Paseo 51 Apartments in Glendale, sold for $15.475 million. And The Stills in East Phoenix sold for $2.61 million. Details on each property follow.
MOUNTAIN GATE APARTMENTS
• 4602 East Paradise Village Parkway North; Phoenix, AZ 85302
• $22,250,000
• 132 Units, Built in 1981
• California-Based Buyer & Seller
• Buyer Representation: ABI Multifamily: Alon Shnitzer, Rue Bax, Doug Lazovick, John Kobierowski, and Eddie Chang
PASEO 51 APARTMENTS
• 5215 West Peoria Avenue; Phoenix, AZ 85032
• $15,475,000
• 116 Units, Built in 1986
• Arizona-Based Buyer & California-Based Seller
• Buyer/Seller Representation: ABI Multifamily: Alon Shnitzer, Rue Bax, John Kobierowski, Doug Lazovick and Eddie Chang
THE STILLS (PORTFOLIO)
• 2336 – 2342 North 46th Street; Phoenix, AZ 85008 and 2520 North 46th Street; Phoenix, AZ 85008
• $2,610,000
• 12 Units, Built in 1964, Renovated in 2018/2019
• California-based Buyer & Arizona-based Seller
• Seller Representation: ABI Multifamily: John Klocek and Patrick Burch
“We are once again seeing increased activity in Phoenix multifamily,” says ABI Multifamily Senior Managing Partner, Alon Shnitzer. “There’s quite a bit of interest from out of state buyers looking for properties in the Phoenix market, and our team is working hard to help them find the right investment opportunities here. It feels good to see a return of activity in multifamily.”
In addition to these three recent sales, ABI currently has 31 properties in escrow.
