ABI Multifamily Closes North Tempe Apartment Complex near Light Rail

PHOENIX - Feb. 26, 2016 - PRLog -- ABI Multifamily, the Valley’s largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $1,250,000 sale of the Verde Palms Apartments, a 16-unit apartment community located in Tempe, Arizona.

Verde Palms is a low density, single story apartment community featuring duplex-style units and built in 1961.  The property consists of all (16) 2-bed/1-bath units approximately 720 square feet in size.  Each unit is individually metered for electricity and equipped with frost-free refrigerators, stove and hood.  Built of block construction, the property had undergone select exterior capital expenditures and select units were upgraded with new appliances, flooring, fixtures and electrical outlets.

“Verde Palms, located within Tempe’s Apache Blvd transit corridor, is a well located property which will continue to benefit from the tremendous economic activity occurring within the North Tempe/University submarket as a whole.  Given Verde Palm’s low density (unique for the area) single story, garden-style aesthetic, has consistently attracted residents.  As a result, this well maintained property has consistently maintained a high level of occupancy,”states John Klocek, Vice President at ABI.

The Seller was a private multifamily partnership based out of California.

The Buyer was a private multifamily partnership based out of Utah.

The Phoenix based ABI Multifamily brokerage team of John Klocek, Patrick Burch, Alon Shnitzer and John Kobierowski represented 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.