ABI Multifamily—the leading multifamily brokerage and advisory services firm in the Western US—is pleased to announce the $24.25 million / $151,563 Per Unit / $204.66 per square foot sale of Pointe Vista Apartments, a 160-unit multifamily apartment property located in Phoenix, Arizona.
Built in 1981, the property is constructed of wood frame and stucco with flat roofs. The unit mix consists of 71 one-bedroom / one-bath units, 36 two-bedroom / one-bath units, 33 two-bedroom / two-bath units, 8 two-bedroom / two-bath units with den and 12 three-bedroom / two-bath with a total average of 741 square feet per unit. Each unit is individually metered for electricity and features individual HVACs and hot water heaters. Interior amenities include Patio / balcony, ceiling fans, fireplaces (select units), walk-in closet (select units), extra storage space, and high-speed internet / cable access in addition to kitchens equipped with refrigerators, dishwashers and garbage disposal. Each unit is equipped with a stackable washer / dryer. The community also provides its residents with a swimming pool and spa, three laundry facilities, fitness center, business center, basketball court, barbecue / picnic area and dog walk.
Residents enjoy direct access to all areas of the Phoenix Valley by way of the Piestewa Freeway (State Route 51), Papago Freeway (Interstate 10) and the Pima Freeway (Loop 101). In addition, there are numerous dining and entertainment options in close proximity to the property, including the rapidly gentrifying Christown Spectrum Mall, a 1.2MSF retail power center anchored by key tenants such as: Super Target, Walmart, Harkins Theatres, and JCPenney.
Alon Shnitzer, Senior Managing Partner at ABI, said, “Pointe Vista Apartments represents a great value-add opportunity. Both the interior and exterior of the property can be improved to maximize its revenue potential.”
Shnitzer added, “Despite the pandemic, the income at the property continued to stay stable or even rise, showing its resilience and potential.”
ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented the buyer and the seller in the transaction.
The Buyer is Rise48 Equity, a Phoenix-Based Real Estate Firm. This is Rise48 Equity’s 7th acquisition in the Phoenix market since 2019. Zach Haptonstall, CEO and Co-Founder of Rise48 said, “Pointe Vista Apartments offers a great opportunity for us to renovate interiors and re-brand the exterior in order to drastically increase rents. This is a conservative business plan with a lot of upside for our investors. We’re excited to get to work.”
The seller is based in California.