ABI Multifamily sold the 112-unit Quail Canyon Apartment Homes on McClintock Drive, just south of Broadway Road, less than one mile from the Tempe light rail. The $9.3M sale marks the fifth transaction brokered by ABI Multifamily since June 1 with a cumulative sales volume in excess of $35 million.
“A lot of people use the term ‘value-add’ when marketing a property for sale, but this particular transaction meets its true definition,” states Alon Shnitzer, Senior Managing Partner at ABI and lead broker representing both the buyer and seller for this transaction. “Wood River had owned this property for 15 years. They had already completed renovations on 34 of the 112 units, which equates to roughly 30% of the property and each of the 112 units was pre-plumbed for a washer/dryer. This allows the buyer, Canada-based, Living Well Homes, to implement a solid value-add strategy by completing the renovations and adding in washers/dryers to the interior of the apartments.”
Quail Canyon is located at 2045 South McClintock Drive, Tempe, AZ and was originally built in 1980. The 112-unit property features an attractive mix of one and two bedroom units (73% of which are two bedrooms). Considering its attractive location, i.e. near high transportation corridors, Light Rail, ASU and regional employers, produced tremendous buyer/investor interest in the property. According to Shnitzer, “after receiving more than a dozen offers, the Seller accepted Living Well Homes’ offer for two reasons, first, it was a true all-cash offer and secondly, Living Well is a experienced Phoenix multifamily investor with a solid proven closing track record.”
The Seller in this transaction is an experienced Phoenix Metro multifamily investor, Wood River Properties, based in Santa Monica, CA. Wood River Properties was also represented by ABI Multifamily just two weeks ago in the sale of the Sonoran Ridge Apartments, for Lennar’s Tempe assemblage site – The Motely.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both the buyer and seller in the transaction.
