ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., announced the $32.25 million / $201,563 Per Unit / $235.20 Per SF sale of Ventana Palms Apartment Homes, a 160-unit multifamily apartment property located in Phoenix, Arizona.
Ventana Palms Apartment Homes is a 160-unit, fully gated garden-style apartment community in the Far West submarket of Phoenix, Arizona. Built in 1989, the property consists of 10 rental buildings, one dedicated office building, and one dedicated boiler building constructed of wood frame, stucco, and flat/sloped tile roofs resting on approximately 6.10-acres.
The unit mix consists of 52 one-bed / one-bath units, 68 two-bed / two-bath and 40 two-bed / two-bath townhome-style units with a weighted average of 857 square feet. The property is individually metered for electricity and all units feature individual HVAC’s. All units include full-size washer/dryer located in patio storage areas, air conditioning/heating, walk-in closets, ceiling fans in living rooms and select bedrooms, high-speed internet access, all-electric kitchens equipped with refrigerator, oven/range, dishwasher, and garbage disposal. Community amenities include: Dedicated rental office, fitness center, pool / spa, playground, garden, covered / open parking, gated-entry, barbecue grills / picnic area and lush landscaping
The property is situated just miles from the Westgate Sports and Entertainment District and is in close proximity to a multitude of major transportation corridors such as: the Papago Freeway (Interstate-10), Agua Fria Freeway (Loop 101), Grand Avenue (Highway 60), and the newly constructed extension of the South Mountain Freeway (Loop 202).
The seller, Geringer Capital, is based in California. The buyer is also based in California.
The buyer and seller were represented by ABI Multifamily’s Alon Shnitzer, Doug Lazovick, Rue Bax, Eddie Chang, and John Kobierowski.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento, and San Diego, 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.