AIM Brokerage Services, the brokerage division of Arizona Investment & Management Professional Real Estate Services, closed three investment sale transactions totaling $8,075,000 in Phoenix multi-family apartment projects. The transactions included brokering the sale of Solano Park (5350 N 17th Ave.) and The Estates (310 W. Medlock Dr.) and representing buyers in the purchase of MODE@Arcadia 38 (3122 N 38th St.).
“The buyers recognized the fundamental strengths of these assets in core submarkets of Phoenix for longer term holds,” according to Victoria Miachika, President of Brokerage Sales for AIM. “For them, Phoenix still underlines returns that are becoming increasingly difficult to find in other big US city markets.”
California-based 36 Brisbane, LLC purchased the 48-unit Solano Park apartment complex for $3.7 million ($77,083 per unit). The seller was Westwood Management, LLC from Las Vegas. Built in 1987, the three-story Solano Park complex includes one and two bedroom units with patios or balconies. The complex has a community swimming pool and spa.
Absolutely Fabulous Properties, LLC of Phoenix purchased The Estates, a 14-unit apartment complex for $1.875 million ($133,928 per unit). The seller was Property Investors Hub LLLP from Burnaby, B.C., Canada. Located in Central Phoenix, The Estates is an upgraded mid century modern community of two and three bedroom units that surround a center courtyard with pool and BBQ area. The gated complex includes covered parking and is walking distance to restaurants, shops and Metro Light Rail station.
A group of California investors, Ozzie Katz, Michael Flatin and Matthew Freeman, purchased MODE@Arcadia 38, a 15-unit apartment property, for $2.5 million ($166,667 per unit). Built in 1978 the complex underwent a complete remodel in 2016 including interior upgrades to the units with in-unit laundry, remodeled kitchens with stainless appliances and granite counters and upgraded bathrooms. The exterior of the complex got upgrades to the courtyard area with new BBQ area and shaded pergola, covered parking and gated access. The seller, Vestis Group, was represented by their internal brokerage team including Natan Jacobs, Les Litwin, Chad Barber and Matt Morrell.