PHOENIX—In this week's Deal-Tracker, ABI Multifamily announces the sale of Winding Creek, an apartment community located in Phoenix. The 54-unit garden-style community was originally built in 1982. Winding Creek sold for $1.7 million, which reflects a price just over $31,000 per unit. The sale is the second transaction brokered by ABI Multifamily in the past week, with the two sales combining for nearly $10 million in transaction volume.

The buyer in the transaction, Los Angeles-based Winding Creek Apartments LLC, was attracted to the heavy two-bedroom unit mix, attractive assumable debt, as well as the trending fundamentals in the immediate neighborhood.

“The submarket that Winding Creek is located in, Northwest Phoenix, had been lagging behind other submarkets in the Phoenix Valley in rental rate recovery. However, the neighborhood has flourished in recent months and market rents and occupancy have spiked. In the past year, the submarket itself has seen a 5.5% jump in market rents and Winding Creek specifically has seen its occupancy go from 75% to 100%. The result has been renewed acquisition interest in the area as this has been the third apartment purchase on the block in the past 7 months” says Alon Shnitzer, senior managing partner at ABI Multifamily.