PHOENIX—ABI Multifamily has closed the $28 million sale of the 160-unit Morningside Apartment Homes in Scottsdale.

Morningside, originally built in 1989, features spacious one, two and three-bedroom units with an average size of approximately 1,019 square feet and full size washer/dryer in each unit. The seller, FSC Realty, in the past 2 years completed over $600,000 in exterior and interior renovations to Morningside.

“This is an amazing deal, for both buyer and seller,” states Alon Shnitzer, senior managing partner at ABI. “The buyer, Wood River Properties, wanted to find a stable, high quality asset to purchase after their recent Sonoran Ridge and Quail Canyon Apartments sales. This acquisition of Morningside offers them an extremely low density, best-in-class, stable asset, with the additional upside of completing the balance of the interior renovations and significant redevelopment upside should the landsite at Morningside ever built-out to its existing high density R-5 zoning designation. In March of 2013 the current seller, Beverly Hills based-FSC Realty, purchased Morningside from the largest REIT in the nation. It was a tremendous purchase, as they only paid $21,600,000 at that time, and through the renovation upside had instantaneous equity in the property.”