PHOENIX—ABI Multifamily has closed the $11 million sale of the 224-unit Fountain Oaks Apartments located near 40th Street and McDowell Road in Phoenix. The sale is the 3rd transaction brokered by ABI Multifamily in the first week of June with a cumulative sales volume of over $25 million between the three.
The Phoenix based ABI Multifamily brokerage team of Doug Lazovick, Eddie Chang, John Kobierowski, Alon Shnitzer, and Rue Bax, represented both the buyer and seller in the transaction.
Lazovick, a partner a ABI, tells GlobeSt.com, “The Central East Phoenix submarket where Fountain Oaks is located, continues to demonstrate rent growth, providing value add opportunities for investors. Such conditions laid the foundation for a successful close.”
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