PHOENIX—ABI Multifamily announced the sale of the Historic Power Apartments located in Phoenix. Originally built in 1914 as apartments, the property was converted and has been run as an office building for many years. The sale closed at $1.65 million. The new owner intends to revert the property back into a 12-unit apartment community.

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

“Although there are many new apartment developments occurring in and around the downtown Phoenix area, none are gathering as much interest as adaptive reuse projects,” states Shnitzer, senior managing partner at ABI. “True historic, multifamily adaptive reuse projects are in extremely limited supply in the Phoenix Metro and resident interest in these particular projects is exponential. The new owners intend to capitalize on this latent demand and convert this historic gem back to its original intended use.”