ABI Multifamily Closes Mid-Century Apartment Complex near Light Rail and Downtown Phoenix

PHOENIX - July 12, 2016 - PRLog -- ABI Multifamily, the Valley's largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $656,000 sale ($82,000/Unit, $111/SF) of the 1126-1130 W McDowell Rd Apartments, an 8-unit apartment community located in Phoenix, Arizona.

The McDowell Rd Apartments is a low density, single story apartment community built in 1943.  The property consists of all 2-bed/1-bath units approximately 740 square feet in size.  Each unit is individually metered for electricity and equipped with refrigerators, stove and other upgrades completed over the years.  Built of solid block construction, the property had undergone select exterior capital expenditures and select units were upgraded with new appliance packages, concrete stained flooring, fixtures etc.

"The property is located in the historic Palmcroft/Encanto neighborhood, on the border of two of Phoenix's most sought after districts, Midtown and Downtown.  It is also less than 1 mile from the Light Rail.  Given the property's low density (unique for the area), vintage aesthetics and location, it has consistently attracted residents.  As a result, this well maintained property has been able to achieve a high level of occupancy," states John Klocek, Vice President at ABI.  "Because of the high cost of housing in the Central Phoenix submarket, this property had a lot of interest and sold quickly for all cash."

The Seller was a private individual based out of California.

The Buyer was a private individual based out of California.

The Phoenix based ABI Multifamily brokerage team represented both buyer and seller in this transaction.  Lead brokers for this transaction were John Klocek, Patrick Burch and Alon Shnitzer.

ABI Multifamily (http://www.abimultifamily.com) 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.