ABI Multifamily Brokers $6.43M Sale of 97 Units in Mesa

PHOENIX - Oct. 5, 2016 - PRLog -- ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $6,430,000| $66,289 Per Unit sale of the 97-unit, Sonoma Gardens Apartments, located in Mesa, AZ.  Built in 1973 and renovated in in 2015/16, the property features a mix of 1 and 2-bedroom unit types, with a weighted average unit size of approximately 722 square feet and is individually metered for electricity.

"The Seller, ReNUE Properties, has an extensive track record of purchasing and repositioning assets across the Phoenix Metro.  ReNUE purchased the property in 2013 and began an extensive exterior renovation plan and partial interior renovation which included adding washer & dryers to most units," states Doug Lazovick, Partner at ABI who represented the Seller.

Sonoma Gardens is a gated, garden-style apartment community that rests on 3.17-acres with 6 total buildings and features a newly renovated clubhouse/business center, BBQ grill areas and laundry facility.  The property is located in the Southwest Mesa Submarket and a few miles east of Downtown Mesa and Fiesta Redevelopment District.  The Submarket, specifically it's more western portion which abuts North Tempe, has witnessed a tremendous amount of economic activity over the past several years with over 2,000+ job announcements to ASU's proposal for a Downtown Mesa campus to Light Rail's first extension to Mesa.

"The Buyer, San Diego-based Income Property Investors, plans to continue ReNUE's proven renovation model for the property," states Eddie Chang, Partner at ABI who represented the Buyer.  "The Buyer sees a real value-add opportunity with all the new construction and renovations on the Tempe/Mesa border that has displaced many residents due to high prices.  By completing the rehab, the Buyer can provide high quality apartments with an amenity renter's love, i.e. in-unit washer/dryers, at an affordable market price."

The Seller, ReNUE Properties, is a private investment group based out of Arizona.

The Buyer, Income Property Investors, Inc., is a private investment group based out of San Diego, CA.

The Phoenix based ABI Multifamily brokerage team of Eddie Chang, Doug Lazovick, John Kobierowski, Alon Shnitzer, and Rue Bax represented both the Seller and the Buyer in this transaction.

ABI Multifamily (http://www.abimultifamily.com) 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.