ABI Multifamily, a specialty brokerage and advisory services firm, announced yesterday from Phoenix that 264 one- to three-bedroom units at its first Arizona property, the Palm Valley Apartments in Goodyear, are available for purchase.
Located in Goodyear's Palm Valley master-planned community, the apartment complex on 16-plus acres comprises 19 buildings and a dedicated leasing center/clubhouse facility. Described as a solid “B+” class community location in an “A+” location, Palm Valley promises to be a highly sought-after investment.
The buildings are near a 36-hole championship golf course and within minutes of major West Valley transportation corridors. Each unit, with an average of nearly 900 square feet, includes a full-size washer and dryer. The transaction is described as a $27.2 million overall -- or $103,030 per unit -- deal.
"This is an amazing deal, for both buyer and seller," Rue Bax, senior managing partner at ABI, said. "The Phoenix Metro has seen tremendous investment activity in and around urban core districts which has resulted in tremendous increases in price and price/unit sales.”
The Phoenix-based ABI Multifamily brokerage team of Bax, Alon Shnitzer, John Kobierowski, Doug Lazovick and Eddie Chang negotiated the transaction. The buyer, a private equity fund based in California, is an experienced multifamily investor.
“The buyer…wanted to find a stable, high quality asset to purchase and reposition, and in an area outside of urban core districts where they could maximize value,” Bax said. “Palm Valley, above all else, offers a premier location that is unable to be replicated in the submarket and offers the new owners tremendous upside without significant risk."
The seller was Indianapolis-based Pedcor, a privately owned multifamily development, construction and management company. Founded in 1987, it has developed over 10,000 apartment units nationally.