ABI Multifamily Closes Midtown Phoenix Fractured Condo Community near Light Rail for $22M

PHOENIX - Aug. 15, 2016 - PRLog -- ABI Multifamily, the Arizona's largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $22,000,000 sale of The Hawthorne Apartments, a 182-unit (out of 276) apartment community located in Phoenix, Arizona.

"The Buyer, who also owns and manages Mozaic at Steele Park less than one mile away, loved the potential synergies between the two properties.  The Buyer liked the fact that The Hawthorne was just as meticulously maintained and well managed as Mozaic, and they would work very well together serving this strong Midtown Phoenix submarket," states Rue Bax, Senior Managing Partner at ABI who represented the Buyer and Seller.

Located in the Midtown Phoenix Submarket, The Hawthorne is located across the street from Evergreen Development's proposed 306-unit development and approximately two (2) miles from both the I-17 and SR-51 Freeways.  "The Submarket has witnessed a tremendous amount of economic activity over the past several years with over 4,000 new job announcements within 2 miles of the community," states Doug Lazovick.

The Hawthorne is a gated-community that sits on 10.11-acres of land, with over 23 total building structures and a dedicated leasing center.  Additional property features include: state-of-the-art fitness center, Tuscan style clubhouse with designer kitchen and custom fireplace, resort style pool, separate lap pool, two spas, pool house with TVs and bar area, gourmet BBQ grill areas and detached garages.

The Seller is Arizona-based Pacific Real Estate Partners.

The Buyer is Washington-based Weidner Apartment Homes, a private investment group who is one of the largest owners of multifamily units across Arizona.

The Phoenix based ABI Multifamily (http://www.abimultifamily.com) brokerage team of Rue Bax, Doug Lazovick, John Kobierowski, Alon Shnitzer, and Eddie Chang 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.