ABI Multifamily Closes 3rd Transaction with Canada-based, Western Wealth Capital

ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce
the bulk condominium sale of Solterra on Fifth Avenue, a condominium community that is located in
Phoenix, Arizona. The purchase consisted of 40 units (out of an original 60 units total on the property)
and sold for $4,560,000, which reflects a price of $114,000 per unit. The sale is the third transaction
brokered by ABI Multifamily with Western Wealth Capital and the third bulk condominium sale
between the two parties.

Solterra on Fifth Ave_Press Release Pic
The Vancouver, Canada-based Western Wealth Capital has been extremely active in the Phoenix
market, having closed on 7 transactions, totaling over 1,000 units, since the beginning of 2015. The
Buyer was attracted to Solterra’s
Phoenix Midtown location, strong
unit mix (90% Two Bedroom/Two
Bath units) and value-add
potential. Western Wealth Capital
plans on executing a strategy that
includes interior renovations to the
units and hiring a third party
management company to bring
rents to up market. The property
will continue to operate as a rental
community with the possible exit
strategy of individual sales in the
coming years.
“There’s been a tremendous
amount of capital that has
targeted Midtown Phoenix for acquisitions, but a lack of available inventory has made it difficult to
satisfy that demand. This was a terrific off-market value-add opportunity for our client with below
market rents and an opportunity to improve the asset’s value with their management capabilities,”
according to Eddie Chang, Partner at ABI Multifamily. “Midtown Phoenix is thriving. The multi-billion
dollar light rail project has been highly successful. The focus on transit and infrastructure investments
has attracted technology and health care companies to the area. Combined with the city’s effort to
retrofit existing office space in the area to appeal to high-tech tenants, Midtown is one of the most
desired locations in Phoenix right now,” states Doug Lazovick, Partner at ABI Multifamily.
4715 N. 32nd Street, Ste 105
Phoenix, Arizona 85018 USA
Located at 4350 North 5th Ave in Phoenix, AZ, Solterra was originally built as condos in 2006. After
release, units at Solterra sold for upwards of $211K at the peak of the market. With an emphasis on
quality construction, interior unit amenities include: stainless steel appliances, cherry cabinets, granite
counters and full size washer and dryers. The 3-story community offers residents luxury property
amenities which include: elevators in each building, a beautiful pool and spa, gated/controlled
access security and views of the Midtown Phoenix skyline.
The Phoenix based ABI Multifamily brokerage team of Eddie Chang, Doug Lazovick, John
Kobierowski, Alon Shnitzer and Rue Bax represented the buyer in this transaction and Mueller &
Associates Realty Advisors represented the Seller.
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.

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