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.
Alon Shnitzer, senior managing partner at ABI Multifamily, tells GlobeSt.com: "Ahwatukee is one of the most exclusive neighborhoods in the Phoenix Metro and even more exclusive considering there's only 27 (50-plus unit) apartment communities within its boundaries and little, if any, available land to develop, making it a very attractive investment."
The Phoenix-based ABI Multifamily brokerage team of Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both the buyer and the seller in this transaction. ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions.
"It should be noted that we (ABI) recently also completed the $28 million sale of Morningside Apartment Homes in the exclusive Scottsdale Ranch Area of Scottsdale, AZ. In that transaction the buyer was the seller of Vista Sureno and the seller was the buyer of Vista Sureno now. The buyer of Vista Sureno, FSC Realty, saw potential rental upside at Vista Sureno and knows the submarket well, as they own a similar apartment community just 2 miles away. Clearly, this was a win-win for both sides and back-to-back touchdowns for ABI Multifamily," adds Shnitzer.
The Ahwatukee area of Phoenix boasts some of the highest household incomes in the metro. The previous owner of Vista Sureno held the property since 2001, further demonstrating the difficulty in finding available multi-family inventory in the area.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
