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ABI Brokers $5.7M Value Add Fractured Condo Sale along 19th Avenue Light Rail Corridor

“Having started out as an individually-owned, For-Sale condominium project and then re-assembling the community into one complete project set the stage for a complicated, and lengthy transaction,” states Ryan Smith, Vice President, along with Royce Munroe, Vice President, who represented both the buyer and sellers in the transaction. “There were 15 individual sellers from all over the world, including both Canada and France; as a result, it took over 6 months to bring this transaction to close. The sellers realized pricing premia due Phoenix’s robust apartment market and the buyers are perfectly positioned to capitalize on a rapidly improving submarket.”

“The entire dynamic of the 19th Avenue Light Rail Corridor is changing. Since 2013, the 19th Avenue Corridor has witnessed an impressive 3.5% increase in occupancy, to approximately 95%, with average rental growth of 5% year-over-year to its current $808, which is $260 below the MSA average,” states Royce Munroe. “Just off unit-mix and size alone, with predominately large, 1,000+ square foot, 2-bedroom units, is very attractive from a value add perspective given the large delta’s between average metro and property rents.”

The buyer is a California based private investor.

15 individual sellers from Canada, California, Arizona and France.

The multifamily brokerage team of Ryan Smith, Royce Munroe, John Klocek, Patrick Burch, and Nathan Bruer represented both the buyer and seller in this transaction.

ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson 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.