PHOENIX—ABI Multifamily has closed the sale of a 276-unit, multifamily property, Glendale Commons Apartments, for $8.95 million or $32,428 per unit. The buyer is a partnership through Dalan Management, based in New York with more than 1,200 units in the Phoenix area. The seller, a partnership through NV Investments, LP, based in Folsom, CA, which through the sale of Glendale Commons Apartments, has now fully exited the Phoenix market.

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

The seller in this transaction purchased the property in 2006 for $13.3 million and placed a new Fannie Mae loan, with a loan balance of $8.64 million. Through the downturn the seller kept the property afloat as long as possible, but due to continued property and market demands, could no longer do so. On February, 27^th, 2015 the property was noticed for trustee sale and scheduled to be foreclosed on June 1^st, 2015. This recent sale saved the property from being foreclosed on. The buyer in this transaction assumed the Fannie Mae loan that was originally placed in 2006. The seller, buyer and broker all had to work closely together to facilitate having this sale go through, prior to the scheduled receivership and subsequent foreclosure of the property.