ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western U.S. – announced the $33,500,000/$190,341 per unit/$203.16 per SF sale of Town Center Apartments in Queen Creek, Ariz.
The transaction consists of 176 market rate garden-style units in a premier SE Valley submarket, which has quickly become an increasingly popular and growing region located outside the core of the Phoenix metropolitan area.
Town Center Apartments was built in 2009 in the Town of Queen Creek and serves as a residential anchor for the rapidly developing area. At the present time, there are 25 projects across all infrastructure and commercial development types in the 85142 ZIP Code, totaling more than $294 Million in planned expenditures.
The Class A property features an attractive unit mix of one-, two-, and three-bedroom offerings, with an average size of 937 SF. Common amenities include a free-standing property office, a business center/clubhouse, fitness center, pool, spa and shaded playgrounds, as well as barbeques, mature landscaping and both covered and open parking.
ABI Multifamily Partner Doug Lazovick, along with Senior Managing Partners Alon Shnitzer and Rue Bax, Partner Eddie Chang, and Senior Managing Partner John Kobierowski, represented both parties in the transaction.
“With Queen Creek labeled by news reports as one of the best places to live in Arizona, and the area’s impressive population growth and extremely high average household income, it’s not a surprise that this assignment attracted many different buyer types,” Shnitzer said. “The pool of buyers for this property was all across the board, as the offering attracted institutional all the way to private high net worth clients, making the bidding process very competitive.”
The Buyer is Geringer Capital. “The acquisition of Town Center complements our Arizona portfolio as a high quality asset in a market with strong multifamily fundamentals,” said Geringer Capital Vice President Andrew Feola.
For over twenty years, Beverly Hills-based Geringer Capital has provided investment and development management services across nine states with a focus on multifamily through its DOMUS multifamily platform. Geringer Capital clients and partners range from local, high-net worth families and individuals to international private and public funds.
The seller, Laguna Point Properties (LPP), owns and operates over 5,000 units in the Western U.S. and Florida. The Southern California-based company has grown rapidly and is led by industry veterans Greg Campbell, Dan Hick and Walt Hick. While Laguna Point is focused on the renovation of Class B and C multifamily assets in many markets, it continues to believe strongly in the long-term fundamentals of Phoenix and is always looking for new opportunities there.