ABI Multifamily, the Valley’s largest locally operated, dedicated multifamily brokerage and advisory services firm, is pleased to announce the $22,303,217 sale of the Lakeside Apartment Homes, a 212-unit (out of 230 total units) community located in the Price Technology Corridor of Chandler, Arizona.
Lakeside Apartment Homes is an all two-story, garden style community, originally built in 1987, comprised of 39% one bedroom/one bath, 32% one bedroom plus den/one bath, and 29% two bedroom/two bath apartments with an overall average size of approximately 781SF. The property was converted to individually parceled condos in 2006, with select units being sold off to individual owners. Each unit at Lakeside is individually metered for electricity and comes with dishwashers, frost-free refrigerators, garbage disposal, ceiling fans and a large private patio-balcony with plenty of storage space. A portion of the units have exclusive lake views and may also contain vaulted ceilings, wood burning fireplaces and in-unit washer/dryer. Select additional units have been newly remodeled with new appliances, upgraded flooring, new countertops and cabinets. The community also provides its residents with a 24-hour fitness center including one Lakeside Pool (of two total pools) and Clubhouse with business center overlooking Andersen Springs Lake, heated spa, nature trails, picnic pavilions, gas barbecue grills, laundry facility, tennis and basketball court and an abundance of covered and open parking.
“Location, location, location is the first, and ultimate, rubric for basing real estate transactions and Lakeside has it all,” states Alon Shnitzer, Senior Managing Partner at ABI Multifamily and lead broker for both parties in the transaction. “Lakeside is a truly unique project in that, one, it’s juxtaposed to the man-made Andersen Springs Lake (not a lot of lakefront property in the Phoenix Metro) and, two, it sits at the northern end of the Price Technology Corridor which is one of the most robust business corridors in the entire Phoenix Metro, often referred to as the Silicon Valley of Phoenix, which has witnessed 2,000+ job openings within the last year alone!!!”
The Lakeside closing marks the 6th ABI brokered transaction over the past 18-months with the California-based Buyer, Wood River Properties, who is an experienced multifamily investor with several hundred units across the Phoenix Metro. This sale also marks the 2nd ABI brokerage transaction between Wood River Properties and the seller, Security Properties, Inc. In 2014, ABI, with Alon as the lead broker as well, transacted Miramonte Apartments, 151 Units, in Scottsdale, AZ between the same two parties.
The Seller, Security Properties, Inc., is a multi-faceted real estate enterprise with ownership responsibilities over a broad geographic portfolio of multifamily real estate properties. Since its inception in 1969, Security Properties has sponsored the acquisition and/or development of over 450
properties and 65,000 units, exceeding $3.2 billion in cost throughout the United States. Security Properties still has over 1,300 units under ownership/management across the Phoenix Metro.
“The two parties really enjoyed working with each other on the last transaction (Miramonte, 151 Units, Scottsdale, AZ) in 2014, making it easier, and overall more streamlined, to have the same parties transact again this year. Overall a very positive experience for both sides. We (ABI) want to publically thank both parties for their continued support and business,” adds Alon Shnitzer.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both the Buyer and the Seller in this transaction.