Owners Hold Assets in Exclusive Enclave

PHOENIX—Vista Sureno Apartments, a 186-unit apartment community sold for $17.4 million, according to ABI Multifamily. The buyer, FSC Realty LLC, is a privately owned limited liability company and is an operating partner/owner of apartments, shopping centers and office buildings. Its partners, Stanley R. Fimberg and his partner, Albert A. Baril, have more than 50 years of experience in the acquisition, ownership, management, financing and disposition of all classes of real estate assets. The California-based seller, Wood River Properties, is an experienced multifamily investor with several hundred units in Phoenix.

The all two-story, garden style apartment community, originally built in 1985, is comprised of 29% one-bedroom, one-bath and 71% two-bedroom, two-bath apartments with an overall average size of approximately 870 square feet. Each unit is individually metered for electricity and equipped with full-size washers/dryers, dishwashers, garbage disposal, breakfast bar, pantry, ceiling fans and private patios/balconies with plenty of storage space. Select units have newer black or white appliances, vaulted ceilings (second floors only), fireplaces, upgraded flooring, new countertops and cabinets. The community also features a swimming pool, heated spa, renovated fitness center and clubhouse, resident lounge with flat-screen televisions, nature trails, picnic pavilions, charcoal barbecue grills and an abundance of covered and open parking. Vista Sureno is less than a mile from the currently under-construction Loop 202 Extension and only minutes from Chandler, AZ’s famed Price Technology Corridor.