PHOENIX–(BUSINESS WIRE)–ABI Multifamily — the Western US’ leading multifamily brokerage and
advisory services firm — is proud to announce the $22,600,000 / $114,141
Per Unit / $142.07 Per SF sale of Artisan Park Apartments in Glendale,
Arizona.
Artisan Park is a 198-unit garden-style apartment community situated in
a strong West Valley growth area off 67th Avenue between
Olive Avenue and Mountain View Road. The community sits one mile west of
Glendale Community College and just 10 minutes from the Westgate
Entertainment District.
Built in 1984, and offering a nearly even mix of one-bed/one-bath,
two-bed/one-bath and two-bed/two-bath units, the property provides an
exceptional value-add opportunity. Twelve of the site’s 13 buildings
were treated to new roofs in 2019. Fully 95% of the units have original
interiors and appliances, except for new, white appliances added over
time on an as-needed basis.
ABI Multifamily’s Jack Hannum, who joined the firm’s Institutional Team
as a Senior VP in January, represented both the Buyer, Canada-based
Western Wealth Capital, and the Seller, California-based CALCAP Advisors.
“I represented CALCAP Advisors in its original acquisition of Artisan
Park in May 2014,” Hannum said. “Making a stellar return and keeping the
value-add play intact for the next buyer was a very smart strategic
decision for them. Artisan Park is Western Wealth’s third multifamily
acquisition for 2019, and they have already begun renovating interiors
and improving the exterior appeal of the community to fully realize its
potential.
“In addition,” Hannum continued, “Western Wealth has retained CALCAP
Properties — the Seller’s third-party management arm — to continue
managing the property and overseeing daily operations. This decision
reflects the exceptional quality of service and oversight the property
has enjoyed for the past five years.”
About ABI Multifamily
ABI Multifamily (http://www.abimultifamily.com/)
is a brokerage and advisory services firm focused exclusively on
apartment investment transactions. With offices in Phoenix, Tucson,
Sacramento and San Diego, 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.
Contacts
Roland Murphy
Director of Research
602.714.7144
[email protected]
