ABI Multifamily Closes Redevelopment Play in Phoenix’s Uptown District

ABI Multifamily, the Valley’s largest locally operated dedicated multifamily brokerage and advisory
services firm, is pleased to announce the $2,825,000 sale of the Idle Hours Apartments, a 28-unit
apartment community located in Phoenix.

Idle-Hours Press Release Pic
Idle Hours Apartments is a low density one-story apartment community, originally built in 1956 and
comprised of all two bedroom/one bath apartments with an overall average size of approximately
864SF. The property features all brick construction, pitched composition shingle roofing, a well
maintained interior courtyard area and all within walking distance to Phoenix’s famed-16th Street and
Bethany Home Road intersection.
“The neighborhoods surrounding 16th Street and Bethany Home Rd have witnessed tens of millions in
redevelopment activity since the Seller purchased it in latter half of 2008,” states Eddie Chang, Partner
at ABI. Repositioning plays have included the re-tenanting and new development of the Bethany
East Shopping Center (SWC 16th Street & Bethany Home Rd) with new restaurants and entertainment
venues, Sunbrite Corner Shopping Center (NWC 16th Street and Bethany Home Rd) with its eclectic
mix of a neighborhood market, restaurants and retailers, as well as, several adaptive reuse projects on
the East side of 16th Street north of Bethany Home including the Vig Uptown, Capriolli’s Sandwich Shop
and Everything Bagels.
“The Buyer purchased the property as a redevelopment play and plans to build brand new for-sale
single family townhomes on the site,” states Alon Shnitzer, Senior Managing Partner at ABI. “You’re
seeing this type of assemblage and/or redevelopment activity play out in many of the hot
neighborhoods in the Valley. Much like we negotiated on Lennar Multifamily’s assemblage site for
The Motley in Tempe (currently under-construction), Developers are vying for well-located and zoned
land near solid performing, and interior submarkets much like Phoenix’s North Central Uptown
Submarket.”
The Seller is a private multifamily investor based in Illinois.
The Buyer is a private multifamily developer based in Arizona.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, Eddie Chang, John Kobierowski,
Rue Bax and Doug Lazovick represented both the Buyer and the Seller 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.

Leave a Reply

Your email address will not be published. Required fields are marked *

19 − one =