ABI Multifamily Brokers $10.75M Value-Add Sale of Paradise North Apts to CA-based, FPA Multfamily

PHOENIX - Oct. 6, 2015 - PRLog -- ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $10,750,000 sale of the 138-Unit, Paradise North Apartments located on 40th Street, just North of Bell Road in the Northeast Phoenix/North Paradise Valley submarket.

“Paradise North Apartments is a unique property comprised of large, 987 SF average, Two Bedroom / Two Bathroom unit types (99% of units) with select units featuring private enclosed backyards,” states Alon Shnitzer, Senior Managing Partner and lead broker representing the Seller for this transaction. “The Sellers’ in this transaction had owned the property for 12 years and only completed renovations on handful of units, leaving lots of interior and exterior renovation upside for the Buyer. At close of escrow the property was 99% occupied.”

According to Rue Bax, Senior Managing Partner and lead broker representing the buyer, “The Buyer, FPA Multifamily, will be able to capture many residents displaced by the dramatically rising rents in the nearby area, especially in Scottsdale, less than a few miles to the East from Paradise North. FPA also has the ability to capitalize on an undeveloped piece of land that was conveyed with the sale and is considering developing a stand-alone clubhouse/rental office or adding additional units on this vacant land.”

Paradise North is located at 17805 North 40th Street and 18002 North 40th Place, in Phoenix, AZ. The property was originally built in 1984. The 138-unit property is composed of almost all two bedroom units, with two community swimming pools, on-site laundry facilities and ample covered parking. Paradise North’s attractive North Paradise Valley submarket location, i.e. near high transportation corridors (SR-51, Loop 101, Bell Rd and 32nd St), hospitals (Mayo Clinic and Paradise Valley Hospital), high schools (North Canyon and Horizon High Schools) and regional employers, produces a tremendous amount of prospective resident interest and over the years has maintained a strong occupancy.

Paradise North’s community amenities include:
• Two Sparkling Swimming Pools
• Dedicated Leasing Office
• Children’s Play Park
• On-Site Laundry Facilities
• Covered Reserved Parking
• Lush Resort Style Landscaping

Paying attention to every detail, the property interior features include:
• New Appliance Packages (select apartment homes)
• Large Private Balconies/Patios (select with private backyards)
• Washers & Dryers (select apartment homes)
• Upgraded Wood Like Flooring (select apartment homes)

The Sellers in this transaction were a group of experienced Phoenix Metro multifamily investors, headed up by a manager and member, based in Chicago, IL.

The Buyer, California-based, FPA Multifamily, is an experienced multifamily investor who manages a portfolio of over 25,000 units nationally and over 2,500 units across the Phoenix Metro.

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