SoCal Investor Enters Phoenix MSA with Multifamily Buy

A private investor formally enters the Phoenix market with the purchase of a 96-unit apartment complex.

An entity of Next Wave Investors has acquired a 96-unit apartment complex in Phoenix from a local developer for $13 million. The purchase marks the investors formal entry into the market.

La Estrella Vista is a garden-style apartment community featuring three-bedroom, two-bath units averaging 1,120 square feet. The property was built in two phases in 2008 and 2014 and is made up of 24 four-plex buildings.

ABI Multifamily’s Alon Shnitzer, Doug Lazovick, John Kobierowski, Rue Bax and Eddie Chang represented both parties in the transaction, with Shnitzer serving as lead broker for the buyer and Lazovick as lead for the seller.

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