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ABI Brokers $26M East Phoenix Multifamily Deal

Phoenix-based ABI Multifamily closed the $26.45-million sale of the Monterey Village Apartments in Phoenix, AZ. The unnamed buyer is a private multifamily investment group based in Southern California. The seller is an undisclosed private investment group headquartered in Phoenix.

The property was built in 1983 and includes 252 garden-style units with landscaped grounds along McDowell Road. Monterey Village features a mix of studio, one-bed/one-bathroom and two-bed/two-bathroom units. A percentage of the apartments are still encumbered and governed by a regulatory agreement. Common area amenities include a dedicated leasing office, gated entry, covered parking, laundry facilities, barbecue/picnic areas and pool.

ABI’s Rue Bax says, “Monterey Village Apartments last transacted in 2011, in the heart of the downturn. The growth in this area has been tremendous since that time and should continue to improve.” The deal works out to roughly $104,960-per-unit or $157.12-per-square-foot.

ABI’s Bax, Eddie Chang, Alon Shnitzer, John Kobierowski and Doug Lazovick represented both the buyer and seller.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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