West Valley Apartments Go for a Song

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.