ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., announced the sale of the Metro Phoenix 5 Portfolio, one of the largest marketed Arizona multifamily portfolio sales to date, for a combined $414,500,000 / $286,257 Per Unit / $334.79 Per SF between five properties and 1,448 multifamily units in Chandler, Gilbert, & Mesa, Arizona. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick – facilitated the transaction.
“Closing out the month with a transaction of this magnitude is a fantastic way to conclude an incredible year,” says Alon Shnitzer, ABI Senior Managing Partner. “In my entire career, I have never seen such a hot market. Due to the continued growth of our city’s economy and the huge demand for housing as more people continue to move to Phoenix, we don’t see things slowing down any time soon.”
Sahara Palms & Playa Palms Apartments is an 840-unit garden style apartment community located in Gilbert, AZ. Built in 1984, the two component properties consist of 89 two- and three-story buildings constructed of wood frame and flat roofs resting on a 40.06-acre site. Sahara Palms & Playa Palms Apartments is currently the fourth largest apartment community by total unit count in metro Phoenix.
Riviera Park Apartments is a 201-unit, garden-style apartment community in Chandler, Arizona. Built in 1983, the property consists of 14 one- and two-story rental buildings constructed of wood frame, stucco, and a combination of flat / sloped tile roofs resting on a 12.46-acre site.
Gilbert Greens Apartments is a 164-unit, garden-style apartment community in Gilbert, Arizona. Built in 1985, the property consists of 11 rental buildings constructed of wood frame, stucco, and flat roofs resting on a 6.83-acre site.
Lemon & Pear Tree Apartments is a 163-unit, garden-style community located in Mesa, Arizona. The property was built in 1981 of wood frame construction with a stucco finish and flat roofs resting on 9.77 acres.
Vantage Point Apartments is an 80-unit, garden-style apartment community in Gilbert, Arizona. Built in 1984, the property consists of five two-story rental buildings constructed of wood frame, stucco, and flat roofs resting on a 3.56-acre site.
The buyer was Phoenix-based 3rd Ave Investments, LLC. Founded in 2015 by Zev Hendeles, 3rd Ave Investments is a real estate investment and management firm specializing in the acquisition and re-positioning of multifamily assets through a value-add private equity fund structure. 3rd Ave Investments has acquired more than 6,000 apartments in Arizona and Nevada with an aggregate market value of more than $1.2 billion.
“The Metro Phoenix 5 is 3rd Ave Investment’s 29th acquisition in the Phoenix market and will be a strong addition to our growing portfolio of properties,” Hendeles said. “We look forward to adding value to the Gilbert, Mesa and Chandler markets with our proven approach to community enhancement. We plan to update each property through gradual unit renovations, as well as amenity and common area improvements.”