PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ – September 8, 2016 – ABI Brokers Baron Property’s $5.3M Acquisition of a Mid-Century Apartment Portfolio in Uptown Phoenix
ABI Multifamily, Arizona’s largest, locally-operated multifamily brokerage and advisory services firm, is pleased to announce the $5,306,400 ($78,035/Unit) sale of four (4) separate properties, totaling 68-units in Phoenix, Arizona.
The transactions involved multiple contiguous properties. Each property is a low density, one or two-story apartment community built from 1958 to 1963 of block construction with total land size of 1.82 acres. The property consists of an attractive mix of studio, one, two and three bedroom units.
Pasadena Portfolio | 301, 321, 325 & 337 West Pasadena Avenue, Phoenix, AZ 85013 | 68 Units | Built in 1958-63 | $5,306,400 | $78,035 Per Unit | $102.34 Per SF
“The Pasadena Portfolio is located in the heart of Phoenix’s Uptown District, near the Central Avenue and Camelback Road intersection, which serves as the gateway to Midtown/Downtown Phoenix, as well as, the Camelback/Biltmore employment corridors,” states John Klocek, Vice President at ABI. The property, less than ¼ mile from Uptown Plaza, is located between the Central/Camelback and the 7th Ave/Camelback Light Rail Stations. “The area has seen tremendous economic/development activity including: Uptown Plaza’s Redevelopment and Re-tenanting (new tenants: Shake Shack, Lou Malnati’s Best Chicago Deep Dish Pizza Restaurant and Flower Child), the former Louis XV Jewelers Restaurant Redevelopment site and over 500 units in proposed development.”
Located in the North Central Phoenix Submarket, since 2010, the Submarket has witnessed in excess of $200M in public/private development and redevelopment projects which include, but are not limited to: Valley Metro Light Rail, Town & Country redevelopment and expansion, Phoenix Children’s Hospital $15M expansion, Central Ave/Camelback Rd. adaptive reuse and redevelopment restaurant projects, and Missouri/7th Street Restaurant Row developments.
“The Buyer, Colorado-based Baron Properties, was attracted to the property for a whole host of reasons,” states Patrick Burch, Vice President at ABI and co-lead broker on the transaction. “Primarily, the mid-century vintage of the property makes it an incredibly attractive reposition opportunity for the area as well as the phenomenal location and walkability to some of Phoenix’s most popular hot spots. Baron has an incredible knack for updating and repositioning multifamily assets.”
The Seller was a California-based private investment group.
The Buyer, Colorado-based Baron Properties, owns over 1,000+ units throughout the Phoenix Metro and specializes in investment, development and management of multifamily real estate assets including multiple ground up for-rent and for-sale projects currently underway in the Phoenix area.
The Phoenix based ABI Multifamily brokerage team of John Klocek, Patrick Burch, Royce Munroe, Ryan Smith and Nathan Bruer represented the 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.