ABI Multifamily Transacts $2.54M Value Add Multifamily Property in the Heart of Mesa

PHOENIX - Sept. 7, 2016 - PRLog -- ABI Multifamily, Arizona's largest dedicated multifamily brokerage and advisory services firm, is pleased to announce the $2,537,000 / $60,405 Per Unit sale of the Villa Stefan Apartments, a 42-unit apartment community located in Mesa, Arizona.

"Villa Stefan Apartments was highly pursued by many parties during the marketing process.  It's tough to find an 80's constructed/individually metered, majority 2 bedroom property of this size in Phoenix, as we historically have built and continue to build very large properties," states Alon Shnitzer, Senior Managing Partner with ABI Multifamily and co-lead broker with John Kobierowski for the Seller.  Situated on Broadway Road, Villa Stefan is a two-story apartment community which rests on 1.01 acres of land and was completed in 1984 of masonry/wood frame and stucco construction with select exterior renovations occurring in 2011 and 2012.  The property consists of 74% 2-bedroom and 26% 1-bedroom units with an average size of 783 SF.  Each unit is individually metered for electric.  The community features a sparkling pool, attractive central courtyard, laundry facilities and both covered and uncovered parking.  The property sits adjacent to the City of Mesa's 19-acre Reed Skate Park.

"The Buyer was interested in Villa Stefan for a number of reasons," states Rue Bax, Senior Managing Partner at ABI and lead broker representing the Buyer in this transaction.  "First, the property offers an affordable rent with attractive upside potential through renovation of the interiors.  With robust rent growth in the Metro's more interior/urban regions has renters looking on the periphery of these areas for quality housing.  Considering the property's close proximity to major employment epicenters, i.e. Mesa's Fiesta District and North Tempe, the new owner's look to capitalize on the renter displaced by all the expensive new construction, yet close enough to still benefit from the new job growth of those areas."

The Seller is a private investor based in Hawaii.

The Buyer, California-based M & L Financial Properties, is a full service real estate investment company with over 500 units owned across the Phoenix Metro.

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