SoCal Investor Snares Phoenix MF for $24M
Oakridge Apartments, a 282-unit apartment community in Phoenix, was acquired by Newport Beach, CA-based Univest Inc. for $23.97 million. The seller was Vancouver, Canada-based Western Wealth Capital.
Originally built in 1984, Oakridge is comprised of 16 contiguous wood frame buildings with built-up/flat roofing. The property features a mix of 30 studio, 172 one-bedroom and 80 two-bedroom units.
ABI Multifamily’s Alon Shnitzer, Eddie Chang, Doug Lazovick, John Kobierowski and Rue Bax represented both parties.
ABI’s Shnitzer says, “Univest’s acquisition of Oakridge not only allowed for the completion of a 1031 exchange, but also the benefit of economies of scale by owning a major portion of the Northeast corner of 35th Avenue and Greenway.”
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