The Vue Apartments in Phoenix, Arizona Sells – Near Phoenix’s Multi-Billion dollar Light Rail

PHOENIX - Dec. 4, 2014 - PRLog -- ABI Multifamily (http://abimultifamily.com/the-vue-apartments-in-phoenix-arizona-sells-near-phoenixs-multi-billion-dollar-light-rail/), a dedicated multifamily brokerage and advisory services firm, is pleased to announce the sale of The Vue, an apartment community located in Phoenix, Arizona. The 26 unit, 1967 built, garden style property sold for $1,450,000. The sale price reflects a price per unit of just over $55,000 and a price per square foot of $68.40. The sale is the fourth transaction brokered by ABI Multifamily in the past month, with the four sales combining for over $31M in transaction volume.

With the purchase, the Buyer, IDB Investments, LLC, re-enters the Phoenix market after a seven year absence. The Southern California based Buyer was attracted to the property’s central location in Phoenix and the large capital investments made in the surrounding areas in recent years “The apartment community is located within walking distance to the city’s multi-billion dollar light rail transit system. It’s also a quarter-mile from a large regional mall, that in recent years received a $10M facelift and added to its store directory the wholesale giant Costco and Phoenix based PetSmart” according to Doug Lazovick, Partner at ABI Multifamily.

The Seller, Phoenix based JD 860, LLC, has owned the property since 2012 and has several other multifamily properties in the valley. “The Selling entity owns several apartments in the east valley of Phoenix. The Vue was their only apartment in central Phoenix and with average rents in the Christown submarket increasing over 16% since purchase, the timing was opportunistic to sell the property and concentrate their efforts on the east valley properties. ”

The Vue is a two story community located at 1503 West Missouri Ave in Phoenix, Arizona. The property was built in 1967 and sits in the Christown submarket. Located near the Phoenix Light Rail, the property provides easy access to the entire Phoenix Valley. The Christown Spectrum Mall, with over 1.25 million square feet of retail, including Costco, PetSmart and Harkins Theaters gives tenants a variety of entertainment, shopping and dining options in walking distance. All units have individual HVAC systems and hot water heaters. Sixty-Nine percent of the units are two bedroom townhomes with private patios. Common area amenities include a swimming pool, a laundry facility and gated access.

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

ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. The experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.

ABI Lead Broker for this Transaction:
Doug Lazovick
Partner
ABI Multifamily
602.714.1388
doug.lazovick@ABIMultifamily.com