ABI Multifamily, the Valley’s largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $6,500,000 ($72,222/unit) sale of the Phoenician Pines Condominiums, a 90-unit (of 240 total units) bulk condo community located in Phoenix.
The Frank Lloyd Wright inspired-Phoenician Pines is a two-story, individually metered condominium community built in 1982 and condo converted in 2006. The property consists of (32) 1-bed/1-bath units, (40) 2-bed/2-bath and (18) 3-bed/2-bath units averaging 1,026 Square Feet. The property features wood frame and stucco construction, flat/pitched shingle roofing, ample parking, two sparkling swimming pools and state-of-the art fitness center. During its 2006 conversion, all units were completely remodeled with condominium grade finishes including crown molding, granite countertops, custom cabinetry/hardware, lighting, stainless steel appliances, washers/dryers and upgraded kitchens/bathrooms.
“The Seller did a terrific job of operating the property through the downturn and was able to capitalize on the growing demand for bulk condo product as the single family home market shows signs of improvement. For the buyers, this was an opportunity to acquire a quality turnkey asset with additional upside through minor interior upgrades. The Buyers came from the retail segment, looking to diversify into multifamily, and liked the idea of having an opportunity to sell units individually when the demand scale tips from rental to for-sale product,” states Eddie Chang, Partner at ABI Multifamily and lead broker for both parties in the transaction.
“North Phoenix, particularly the I-17 and Loop 101 area, has quietly witnessed an explosion of economic activity. From the Farmers Insurance $24M regional office expansion to Peckham Inc and HealthPort’s Phoenix office entrance to Aligned Data Center’s $600 million Honeywell site renovation. All this expansion and activity is set to bring upwards of 1,000+ new jobs to the area.”
The Seller is a private multifamily investor based in Colorado.
The Buyer is a private multifamily investor based in California.