PHOENIX—ABI Multifamily has facilitated the sale of Fountainhead, an apartment community located in Phoenix. The 273 Unit garden-style, gated community was originally built in 1984 and sold for $8.1 million.

“This neighborhood provides a prime example of the resurgence happening throughout the Phoenix Metro. A few years back, when changes were being made to state immigration laws, this area and others like it, saw a significant reduction in renters. This property, in particular, experienced occupancies in the 60% range for a period of time. Due to a combination of reasons, including neighborhood revitalization efforts, improvements in the economy and resident profiles, and significant growth of nearby Grand CanyonUniversity, Fountainhead has seen occupancies rise to 97% during the escrow process for this sale. That is a serious turnaround. Kudos to the sellers, who were able to navigate turbulent waters throughout their nearly 25-year ownership of the property and ultimately improve quality and value of a solid West Phoenix asset,” says John Kobierowski, senior managing partner at ABI.

Fountainhead is a two story garden-style apartment community located at 4326 N. 35th Ave. in Phoenix. The gated property was built in 1984 and sits in West Phoenix on the Grand Avenue Corridor. Direct access to Downtown Phoenix employment, entertainment and dining options make this a good option for residents. The community is also less than a mile from I-17 and located in close proximity to the ever-expanding Grand CanyonUniversity. Fountainhead has a mix of studios, one bed / one bath, and two bed / two bath units. All apartments include individual HVAC systems. common area amenities include three community swimming pools, clubhouse, two on-site laundry facilities, and ample covered and open parking.