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.