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.
The seller in the transaction, locally based J & Z Property Management LLC, had owned the property for almost a decade and the improving submarket presented them with the perfect opportunity to exit. “The seller has self-managed this property, along with other apartments they previously owned, for decades now. Similar to other owners in the neighborhood, the seller weathered their fair share of struggles during the recent economic downturn and takes great pride in the fact that they sold a fully occupied community. Winding Creek is the seller's last multifamily asset in the Phoenix market and they are now looking forward to taking their weekends off,” according to Doug Lazovick, partner at ABI Multifamily.
Winding Creek is a two and one-half story apartment community located at 2501 West Ocotillo Road. The property sits in Northwest Phoenix on the Interstate 17 Corridor. Direct access to the I-17 provides residents with easy access to employment, entertainment and numerous dining options. Winding Creek has a mix of one bed/one bath and two bed/one bath units. All apartments include individual HVAC systems. Common area amenities include a swimming pool, on-site laundry facilities and ample parking.
PHOENIX—PLJ Pinchot Holdings LLC paid $3.6 million to acquire 54 units of the Pinchot Greens Apartments at 2230, 2242 and 2302 E. Pinchot Ave. in Phoenix. The Seller was the San Francisco Group, LLC out of California. The buyer was represented by Michael Finch of City to City CRE in Scottsdale. Dan Dulin of JW Sterns represented the seller. The buyer acquired the property with a new loan of $2.6 million from Washington Federal. The multifamily units were developed in 1967.
PHOENIX—Daum Commercial Real Estate Services has negotiated the $1.77 million sale of a 15,410-square-foot industrial building located at 1401 W. Victory Lane in Phoenix. The industrial building sale represents the highest price per square foot owner-user sale in the Deer Valley submarket this year. The Daum Phoenix team of Bob Lundstedt and Chris Rogers represented the seller, the Boat Family Limited Partnership of Phoenix led by Billy Boat. Daum's Skip Corley Jr. represented the buyer, A and M Manufacturing of Phoenix led by Steve Barton. A and M Manufacturing is relocating and more than doubling in size from 2525 W. Cypress Street in Phoenix for its manufacturing facility of custom air cooled heat exchangers.
PHOENIX—Shari A. Tucker-Gasser and Trenton McCullough, retail investment advisors in the Phoenix Sperry Van Ness office, negotiate the sale of a former Walmart anchor space and a former Albertson's anchor space at Peoria Town Center for a combined $3.9 million. McCullough and Tucker represented the seller, SNS Investments, in the $2.5 million sale of the 110,000-square-foot former Walmart building and the $1.4 million sale of the 62,831-square-foot former Albertson's anchor space. Tucker negotiated the sale of the former Walmart in 2012 for $1.5 million. Peoria Town Center, located at 8150-8200 W. Peoria Avenue in Peoria, AZ, is multi-tenant retail center that consists of 35,378 square feet of inline shop space in addition to these two anchor spaces. The buyer, Ray Hult, was represented by Steve Grossoehme of Rein & Grossoehme.
-First Credit Union North, located at 15505 N. Hayden Road in Scottsdale sold for $1.5 million. Erin Schrauth, Peter McQuaid and Greg Vanlerberghe of Sperry Van Ness represented the seller, First Credit Union. Torrey Briegel of Phoenix Commercial Advisors represented the buyer, FFG Development, LLC.
-Michael Gaida and Michael Franks of SVN represented the seller, Bernard Howard Realty, LLC, in the $445,000 sale of the 5,968-square-foot retail building located at 2829 E. Thomas Road in Phoenix. The buyer, EJG Investments, LLC was represented by Patrick Logue of Urban Group Realty, LLC.
-Brennan Dental leased 2,907 square feet of retail space at The Chandler Commons, located at 1919 E. Ray Road in Chandler. Erin Schrauth, Peter McQuaid and Greg Vanlerberghe of SVN represented the landlord and Tanner Milne of the Menlo Group represented the tenant.
-Mary Ridberg and Rommie Mojahed of SVNrepresented the landlord at Arrowhead Festival Shopping Center in the 3,200-square-foot lease to Mattress 2 Go. Arrowhead Festival is located at 7260 W. Bell Road in Glendale Center. This center is fully leased.
-Michael Gaidaand Trenton McCullough of SVN represented the landlord at Armed Forces Plaza, located at 6747 E. Thomas Rd. in Scottsdale, to lease 1,589 square feet to Movement Restoration.
-Shannon Simpson and James Alfter leased 900 square feet of retail space at Bell Plaza, located at 1704-1730 W. Bell Road in Phoenix. Peter McQuaid and Greg Vanlerberghe of SVN represented the Landlord.
-iINSUREme leased 630 square feet of office space at Fiesta Crossing, located at 1660 S. Alma School Road in Mesa. Mary Ridberg Beau Flahart and Rommie Mojahed of SVN represented the landlord.
-Justin Horwitz of SVN represented Tempe Business Consultants in the leasing of 2,701 square feet of office space at Scottsdale Northsight. The office building is located at 14350 N 87th Street in Scottsdale.
-Justin Horwitz and Nicole Ridberg of SVNrepresented the landlord at Rome Towers, located at 1760 E. Pecos Road in Gilbert, to lease 6,000 square feet of office space to New Direction Fertility. The tenant was represented by Tom Wienhold of Cassidy Turley.
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