April 29, 2020
Phoenix-based ABI Multifamily closed the $26.45-million sale of the Monterey Village Apartments in Phoenix, AZ. The unnamed buyer is a private multifamily investment group based in Southern California. The seller is an undisclosed private investment group headquartered in Phoenix.
The property was built in 1983 and includes 252 garden-style units with landscaped grounds along McDowell Road. Monterey Village features a mix of studio, one-bed/one-bathroom and two-bed/two-bathroom units. A percentage of the apartments are still encumbered and governed by a regulatory agreement. Common area amenities include a dedicated leasing office, gated entry, covered parking, laundry facilities, barbecue/picnic areas and pool.
ABI’s Rue Bax says, “Monterey Village Apartments last transacted in 2011, in the heart of the downturn. The growth in this area has been tremendous since that time and should continue to improve.” The deal works out to roughly $104,960-per-unit or $157.12-per-square-foot.
ABI’s Bax, Eddie Chang, Alon Shnitzer, John Kobierowski and Doug Lazovick represented both the buyer and seller.
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