ABI Multifamily negotiated the $13,500,00, $48,913-per-unit sale of the 276-unit, Casa Bellisima Apartment Homes, located in Glendale, Ariz.
Built in two phases in 1983/84 and highly repositioned in 2015, the property features a mix of Studio, 1 and 2-bedroom unit types, with a weighted average unit size of approximately 648 square feet.
“In April of 2015 the current sellers acquired Casa Bellisima out of a distress situation and immediately began an aggressive rehab and re-tenanting strategy. The seller’s internal management company, VM Management, did an amazing job in turning around this property, while still leaving value-add upside for the buyer,” states Alon Shnitzer, lead broker for the transaction and senior managing partner at ABI Multifamily.
Located in the South Glendale Submarket, Casa Bellisima, is about one mile south of Downtown Glendale and a few miles east of the University of Phoenix Stadium and Westgate Entertainment District.
“The Buyer, a private investment group put together by Monument Real Estate Services, was seeking a reasonable return in a high growth area, while still having a lower price point as its entrance into the Phoenix Apartment market. Considering South Glendale’s reduced price/unit point of entry comparative to the rest of the Phoenix valley, as well as its solid population growth (increasing nearly 7 percent since 2000), helped seal the deal for the buyer,” Schnitzer states.
Casa Bellisima sits on approximately 10.12-acres of land, with 18 total building structures and a dedicated leasing center. Additional property features include: clubhouse, three swimming pools, three on-site laundry facilities, ample parking, a playground and BBQ grill areas.
The property was approximately 98 percent occupied at close of escrow. The Buyer was a private investment partnership group spearheaded and led by Monument Capital Group, a value-add company that directs a full suite of services in the strongest multifamily markets nationwide, based out of Miami, Florida.
Through its management arm, Monument Real Estate Services (MRES), the firm directs a full suite of services including property management, asset management and construction management for over 12,600 units in the strongest multifamily markets nationwide for Monument’s, three funds, joint ventures, off balance sheet transactions and those controlled by third parties in the Southwest, Southeast, Midwest and Mid- Atlantic regions of the U.S.
The Seller was a Joint Venture between New York-based Dalan Management and Arizona-based VM Management.
The partnership owns and manages real estate with a focus on improving and adding value to multifamily and commercial properties. Dalan’s portfolio includes residential properties in Manhattan, Brooklyn, Queens, the Bronx, Washington DC and Phoenix, Arizona with additional commercial holdings in Manhattan. VM’s portfolio consists of multifamily assets in the greater Phoenix area. The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both buyer and seller in this transaction.
