PHOENIX—ABI Multifamily negotiated the sale of the Montebello Apartments located in North Central Phoenix for $1.15 million, which reflects a price of just more than $67,600 per unit. The buyer in this transaction was IPIRG, LLC of San Diego and the seller was LGP Phoenix 11, LLC based in Scottsdale.

Constructed in 1964, the property is located just north of Phoenix's Historic Districts along Central Avenue. The low density, single story property consists of 17 block constructed, individually metered apartments with a mix of one, two and three bedroom units. Common area amenities include a swimming pool, laundry facility and lush open areas with patio space for residences on just over an acre of land. The Montebello was partially renovated with interior upgrades such as granite countertops, tiled floors, new cabinetry and washer/dryer hookups.

The buyer was attracted to the property's location, which is surrounded by custom homes and within walking distance of a popular dining destination, The Yard, by renowned restaurateur Sam Fox, and a new mixed-use project under development called The Colony.

“Because of its premier location, IPIRG views this asset as a potential long term hold within their growing portfolio. They plan to take over where the previous owner left off, continuing to transform the property into a beautiful oasis for young professionals. The area has long been desirable throughout Phoenix's history and continues to get better with time,” says Eddie Chang, partner at ABI Multifamily.

The Phoenix-based ABI Multifamily brokerage team of Eddie Chang, John Kobierowski, Alon Shnitzer, Rue Bax and Doug Lazovick represented both the buyer and seller in this transaction.

PHOENIX—Colliers International in Greater Phoenix recently completed the sale of two office buildings in Surprise, for $2.15 million, or $182.17 a square foot, which are presently leased to One Step Beyond Inc., a nonprofit of Peoria.

Richards Family Trust of San Diego purchased the buildings, located at 15527 and 15331 North Reems Road, from Reems & Greenway LLC of Phoenix. The two free-standing units are among eight at The Offices at Reems, a Class B business park built in 2008.

Marcus Muirhead, associate vice president, and Tyler Smith, vice president, with Colliers International were the listing agents. The buyer was represented by Chuck Wasker and Evan McDonald, of Colliers' San Diego office.

One Step Beyond took possession of the 11,802 square feet this summer, when the non-profit entered into a long-term, triple net lease. Based in Peoria, One Step Beyond provides comprehensive programming for people with developmental disabilities.

“This is a 1031 exchange investment purchase for the buyer who recently sold a property in San Diego,” says Muirhead. “The buyers wanted a passive investment which is provided through the lease terms.”

Smith brokered the lease for One Step Beyond.