ABI Multifamily brokers $19.75M sale of Glendale apartments
ABI Multifamily — the Western U.S.’ leading multifamily brokerage and advisory services firm — announced the $19,750,000 / $120,427 Per Unit / $181.07 Per Square Foot sale of Ridgepoint Apartments in Glendale, Arizona.
Ridgepoint is a 164-unit apartment community in the South Glendale submarket, a well-established area that is currently experiencing a wave of growth and development. Infrastructure and commercial projects in various stages of development currently total more than $173 Million, including more than 475 new multifamily units with an estimated construction and development cost of more than $73 Million.
Built in 1986, Ridgepoint offers an attractive mix of one and two-bedroom unit types. An ongoing renovation program over recent years left the property with approximately 42 percent of its units fully renovated, 39 percent partially renovated and 20 percent little changed from the original at the time of the sale.
ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick represented both parties.
“The Seller, Emma Capital, is a long-term client of ABI’s,” Shnitzer said. “In 2012, we represented them on the initial transaction, which marked their formal entry into the Phoenix multifamily market. It has truly been a pleasure working with them and helping them grow their Phoenix multifamily portfolio.”
He continued, “Emma Capital timed the market perfectly and began implementing a value-add interior renovations play at acquisition, but they also held the smart strategic mindset of leaving value-add capacity for the next buyer, which caused a flurry of activity to present itself during the marketing campaign.”
Emma Capital was founded in 2012 and specializes in the identification, financing, acquisition and operation of multifamily residential complexes, particularly in the Sun Belt and Midwestern states in the U.S. To date, Emma Capital’s portfolio consists of total asset value of approximately $1.3 Billion of property and approximately 10,000 units in the Phoenix, Atlanta, Charlotte, Nashville, Orlando, Indianapolis and Raleigh/Durham markets.
The Arizona-based Buyers — Whitehaven Capital and Source Capital — are a conglomerate of private investment equity firms specializing in the acquisition and re-positioning of apartment assets in the Phoenix MSA. They focus on acquisitions with opportunities to create significant additional value through strategic management and physical asset renovations.
ABI Multifamily is a brokerage and advisory services firm focused 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.