Search
 

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.

By Kristian Seemeyer | Updated on October 02, 2014

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.