ABI Multifamily, one of the Western U.S.’s leading multifamily brokerage and advisory services firm, announced the $4,700,000/$62,667 per unit sale of the 40-unit Suntree Apartments, 32-unit Casa Quieta Apartments and 5101 N. 28th Dr. Tri-Plex located in Phoenix.The buyer is Grand Canyon University. The three contiguous properties are all garden-style communities which rest on approximately 3.41 acres. Built of block construction with pitched roofs and individually metered for electricity. The combined properties boast an attractive unit mix of 15 – 1 bedroom and 60 – 2 bedroom unit types with a weighted average size of 737 square feet.
“Over the last several years, and to accommodate surging enrollment numbers (upwards of 25,000 students are expected by 2020), Grand Canyon University has pursued an aggressive acquisition policy purchasing upwards of 100+ acres in the last 2 years alone,” states John Kobierowski, Senior Managing Partner at ABI, and lead broker representing the Seller. “The Seller was offered a very attractive price for the land and GCU is one step closer to controlling the entire area surrounding its main campus, definitely a win-win for both parties.”
The seller is a private investment company based in California.
The multifamily brokerage team of John Kobierowski, Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the Seller in this transaction.