ABI Multifamily Brokers a $10.85M value-add Sale of 155 Units in Mesa – near border of Tempe

ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to
announce the $10,850,000| $70,000 Per Unit | $100.20 Per Square Foot sale of the 155-unit, Broadway Heights
Apartments, located in Mesa, AZ. Originally built in 1983, the property features a mix of Studio, 1 and 2-
bedroom unit types, with a weighted average unit size of approximately 700 square feet.

broadway-heights
“It’s amazing to see the rental rate growth that this submarket has experienced within the last 3 years. I
remember like it was yesterday that I sold this property to the current seller [early 2013] and average submarket
rents were hovering around $0.80/SF. Fast forward to 2016, submarket average rents are approximately
$1.00/SF. Rents have increased approximately 25%,” states Alon Shnitzer, lead broker for the transaction and
Senior Managing Partner at ABI Multifamily.
Located in the Southwest Mesa Submarket, Broadway Heights is located near the border with Tempe, one mile
from the light rail and a short drive to the epicenter of Mesa’s burgeoning Downtown and Fiesta Business
Districts. The property, which features significant frontage along the heavily trafficked Broadway Road, is about
one mile from Mesa Community College, a little over two miles from ASU’s main Tempe campus and less than
a mile from ASU’s proposed Downtown Mesa expansion location and the East Valley Institute of Technology.
“The Buyer, Thomas Bradford Rhoads & Co., has plans to reposition common areas and unit interiors which, in
this strong submarket, will enhance rent growth. Southwest Mesa has witnessed nearly $500M in public/private
investment over the last several years, as well as, 2,000+ new job announcements,” adds Shnitzer.
Broadway Heights sits on 5.47-acres of land, with 10 total buildings and a dedicated leasing center /
clubhouse. Additional property features include a business center, coffee bar, swimming pool and gazebo
area.
The Buyer, Thomas Bradford Rhoads & Co., focuses on acquisition, development and financing of commercial,
land and multi-family residential properties in the United States and Canada. The company has offices in
Phoenix, AZ, Newport Beach, CA, Seattle, WA, and Kelowna, B.C., Canada.
The Seller, Emma Capital, is a real estate investment company that specializes in the identification, financing,
acquisition and operation of multi-family residential complexes, in particular in the Sunbelt area of the U.S.
Headquartered in Toronto, Canada, the typical Emma Capital project involves 100+ unit class “B” apartment
communities with value-add opportunities, delivering strong cash flow and long-term appreciation for investors
while preserving capital.

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