ABI Multifamily, Arizona’s largest operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $19,560,000 sale of the Foxfire Apartments, a 188-unit apartment community located in Tempe, Ariz.
“Foxfire is a very well located property in North Tempe near Arizona State University and comprised almost exclusively of interiors that have not been fully upgraded – A.K.A. value-add opportunity,” states Alon Shnitzer, Senior Managing Partner and lead broker representing the Seller in this transaction. “The Seller owned the property for almost 10 years and left the property in excellent shape with little to no deferred maintenance.”
Situated just east of Arizona State University, Foxfire Apartments is a low density, two-story apartment community which rests on 7.39 acres of land and built in 1984/85 of wood frame and stucco. The property features an attractive unit mix of 51% two-bedroom, 47% one-bedroom and 2% studio units. Each unit is individually metered for electricity and equipped with dishwasher, frost free refrigerator, garbage disposal, breakfast bar, oven range and ceiling fans. Select units have microwave ovens, stacked washer/dryers, large walk-in closets and even outside storage. The community also provides its residents with two sparkling pools, spa, laundry facility, covered parking, BBQ areas and is a fully gated community.
“The Buyer sees Tempe as one of the most desirable apartment markets in the United States. Over the past 12 months they’ve acquired in excess of 600 units within city limits,” states Rue Bax, Senior Managing Partner at ABI and lead broker representing the buyer in this transaction. “With nationleading growth projections for population, high occupancy/rent growth and job creation (8,000+ within 3 miles of the property alone), they see Foxfire as a great property to add additional value through unit upgrades and additional amenities.”
The Seller, Arizona headquartered PEM Real Estate Group, is an experienced multifamily real estate investor with thousands of units owned across the United States.
The Buyer, Capital Real Estate, LLC, is a private investment firm based in Colorado.
The Phoenix based ABI Multifamily brokerage team of Rue Bax, Alon Shnitzer, John Kobierowski, Eddie Chang and Doug Lazovick represented both the Buyer and the Seller in this transaction.