ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the sale of the Greenway Landing Apartments a 90-unit, apartment community for $4,500,000 or $50,000 Per Unit. Originally built in 1981, Greenway Landing is comprised of nine buildings that are constructed of wood frame with pitched roofing.
According to Rue Bax, Senior Managing Partner at ABI, from the buyer’s perspective, “This is a tremendous growth area for a whole host of factors. Of primary importance, the property sits just outside of Phoenix’s 32nd Street Redevelopment Corridor. As plans for the corridor have just been finalized, the Buyer recognized this as a perfect opportunity to get into an emerging submarket at a great price.”
The property is located in the Northeast Phoenix Submarket and is near major transportation arterials, i.e. Cave Creek Road and SR-51, which provide ease of access to both Scottsdale and Midtown/Downtown Phoenix. “The seller,” states Eddie Chang, Partner at ABI, “acquired the property in early 2014 and immediately began re-tenanting and making improvements. They did a really good job of turning the property around all while leaving additional upside for the incoming buyer.”
Greenway Landing Apartments Sale Highlights:
Attractive unit mix, 91% (2) bedroom units with spacious interiors
Value-Add Opportunity through interior and exterior renovations, adding washer/dryers
Multiple exit strategies including dividing property into 2 separate communities
The Buyer is an experienced private investor from California.
The Seller is an experienced private investor from California, with other multifamily holdings in the Phoenix MSA.