ABI Multifamily, a multifamily brokerage and advisory services firm, announced the sale of Paradise Arbor, an apartment community located in Phoenix. The 28-unit garden-style community was originally built in 1985, with renovations in 2011 and 2012, and sold for $1,176,000 or approximately $42,000 per unit.
“This is a well constructed all two bedroom community located in the desirable North East part of Phoenix. The purchase price of Paradise Arbor Apartments represents a value that is well below current replacement cost. The buyer expects to further improve the property with more interior renovations and the rental rates in this in-fill submarket will grow nicely over the next several years,” stated John Kobierowski, Senior Managing Partner at ABI and the lead broker representing the buyer for this transaction.
“The seller purchased Paradise Arbor during our last downturn. Simply put, the selling entity made a great buy in 2011 purchasing this property. Many of the prospective buyers had interest in this property due to its mid ’80s construction, large average unit sizes, all two bedroom community aspect and it being individually metered,” stated Alon Shnitzer, Senior Managing Partner at ABI and the lead broker representing the seller for this transaction.
Paradise Arbor is a two story garden-style apartment community located at 3102 East Paradise Lane in Phoenix, Arizona. The property was built in 1985, with renovations completed in 2011/12. The property sits in North East Phoenix about one mile from the 51 freeway and two and a half miles from the Loop 101 freeway. Paradise Arbor is all two bedroom community with large average square footages of approximately 893. All apartments include a private balcony and/or patio and are individual HVAC systems. Common area amenities include large central courtyard, sparkling pool, laundry facility and ample covered/open parking.
The buyer, a private partnership based in Los Angeles, is an experienced multifamily owner in the Phoenix metropolitan area.
The seller, PHX Capital LP, based in Calabasas, Calif., is an experienced multifamily owner in the Phoenix metropolitan area.
The Phoenix based ABI Multifamily brokerage team of John Kobierowski, Alon Shnitzer. Rue Bax, Doug Lazovick and Eddie Chang represented both the seller and buyer in this transaction.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. 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.