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Follow on Google News | ABI Multifamily Closes Redevelopment Play in Phoenix’s Uptown DistrictBy: ABI Multifamily Idle Hours Apartments is a low density one-story apartment community, originally built in 1956 and comprised of all two bedroom/one bath apartments with an overall average size of approximately 864SF. The property features all brick construction, pitched composition shingle roofing, a well maintained interior courtyard area and all within walking distance to Phoenix’s famed-16th Street and Bethany Home Road intersection. “The neighborhoods surrounding 16th Street and Bethany Home Rd have witnessed tens of millions in redevelopment activity since the Seller purchased it in latter half of 2008,” states Eddie Chang, Partner at ABI. Repositioning plays have included the re-tenanting and new development of the Bethany East Shopping Center (SWC 16th Street & Bethany Home Rd) with new restaurants and entertainment venues, Sunbrite Corner Shopping Center (NWC 16th Street and Bethany Home Rd) with its eclectic mix of a neighborhood market, restaurants and retailers, as well as, several adaptive reuse projects on the East side of 16th Street north of Bethany Home including the Vig Uptown, Capriolli’s Sandwich Shop and Everything Bagels. “The Buyer purchased the property as a redevelopment play and plans to build brand new for-sale single family townhomes on the site,” states Alon Shnitzer, Senior Managing Partner at ABI. “You’ The Seller is a private multifamily investor based in Illinois. The Buyer is a private multifamily developer based in Arizona. The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, Eddie Chang, John Kobierowski, Rue Bax and Doug Lazovick 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. 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. End
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