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ESI Ventures Sells PHX MF for 4X Purchase Price

ESI Ventures divested Madison Grove Apartments in Phoenix to Rincon Partners in an off-market transaction valued at $21.45 million. The Beverly Hills, CA-based commercial real estate investment firm had purchased the asset in 2009 for $5.3 million and made substantial improvements to the property.

The fully-renovated Class A multifamily complex is located at 7045 N. 7th St., and has 171 units. The property features a resort-style pool, state-of-the-art fitness center, fire pits, pet park and outdoor BBQ patio area with TVs, heaters and misting system.

ESI’s Brandon Wolsic says, “We saw value in renovating this property, as the multifamily market in Phoenix has been gaining traction since 2017. The property improvements executed were designed to serve the millennial audience that seeks to rent a clean, modern unit with on-site amenities in a walkable environment.”

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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.

  • ◦Sale/Acquisition
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