Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

ABI Multifamily Brokers $14.55M Apartment Sale Near Glendale’s Westgate Entertainment District

PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com

Phoenix, AZ – September 9, 2016 – ABI Multifamily Brokers $14.55M Apartment Sale Near Glendale’s Westgate Entertainment District

ABI Multifamily, Arizona’s largest, dedicated multifamily brokerage and advisory services firm, is pleased to announce the $14,550,000 | $62,716 Per Unit sale of the 232-unit, Summerhill Place Apartment Homes, located in Glendale, AZ. Built in 1985, the property features a mix of 1 and 2-bedroom unit types, with a weighted average unit size of 760 square feet.

Summerhill Place Apartment Homes | 6801 West Ocotillo Road, Glendale, AZ 85303 | 232 Units | Built: 1985 | $14,550,000 | $62,716/Unit | $82.54/SF

Summerhill Place Apartment Homes | 6801 West Ocotillo Road, Glendale, AZ 85303 | 232 Units | Built: 1985 | $14,550,000 | $62,716/Unit | $82.54/SF

“In December of 2010 the current Seller acquired Summerhill Place as a distressed property and immediately began an aggressive rehab and re-tenanting strategy. Fast-forward to today, the property is consistently 95%+ occupied and in very good physical condition. During the 30 day marketing campaign, Summerhill Place was highly sought after by real estate investors due to its attractive mix of 62% Two-Bedroom / Two-Bath and 38% One-Bedroom Unit Types and because all apartment homes were already plumbed for washer/dryer, which is a very desirable interior feature,” states Alon Shnitzer, Senior Managing Partner at ABI and lead broker who represented both the Buyer and Seller in the transaction.

Located in the South Glendale Submarket, Summerhill Place is less than a mile from Downtown Glendale and a few miles east of the University of Phoenix Stadium and Westgate Entertainment District. “The Buyer, who owns multiple commercial properties throughout the Pacific Northwest is well suited to realize substantial upside by optimizing the asset’s performance. Additionally, South Glendale’s reduced price/unit point of entry comparative to the rest of the Phoenix valley, as well as its solid population growth (increasing nearly 7% since 2000), further peaked the Buyer’s interest.”

Summerhill Place Apartment Homes sit on 9.63-acres of land, with 13 total building structures and a dedicated leasing center. Additional property features include: two swimming pools, two spas, an on-site laundry facility, fitness center, children’s playground, outdoor handball/racquetball courts, BBQ grill areas and ample covered parking. The property was approximately 95% occupied at close of escrow.

The Buyer, Trimark Property Group LLC, is a Washington-based commercial real estate investor with holdings throughout the Pacific Northwest. The acquisition of Summerhill Place marks the Buyer’s initial entry into the Phoenix and Arizona apartment market.

The Seller, CVG Properties, is a California-based private real estate investment firm with over 1,000 units owned across the Phoenix Metro. The firm focuses on private equity specializing in value-add multi-family dwellings.

The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both Buyer and Seller 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.



This post first appeared on ABInsight | Phoenix Arizona Multifamily Apartment, please read the originial post: here

Share the post

ABI Multifamily Brokers $14.55M Apartment Sale Near Glendale’s Westgate Entertainment District

×

Subscribe to Abinsight | Phoenix Arizona Multifamily Apartment

Get updates delivered right to your inbox!

Thank you for your subscription

×