ABI Multifamily, the Valley’s largest locally operated dedicated multifamily brokerage and advisory
services firm, is pleased to announce the $1,500,000 sale of the Melbourne Apartments, a 26-unit
apartment community located in Phoenix.
Melbourne Apartments is a one-and-two-story apartment community, originally built in 1964 and
comprised of studio, one and two bedroom apartments with an overall average size of
approximately 650SF. The property features brick accents, 60’s art deco design and a well
maintained interior courtyard area with resort style pool. The property is individually metered for
electricity and also has individual hot water heaters in each unit.
Located on 36th Street just north of Thomas Rd, on the outskirts of Phoenix’s famed Arcadia District, the
neighborhood has witnessed tremendous redevelopment activity over the past several years. Tens of
millions have been spent in new and redevelopment activity which has made the area one of the
most sought-after neighborhoods in the market, outside of Downtown and Midtown. “The Seller
recognized the redevelopment potential of the area and purchased the property during the
downturn in the market,” states John Klocek, Vice President at ABI, who represented the Seller in the
transaction. “They executed a plan of targeted improvements, while maintaining high occupancy,
which translated into excellent capital appreciation and the new owner has the ability to capitalize
on the continued redevelopment progress of the area. During the marketing campaign we [ABI
Multifamily] solicited a lot of buyer interest and multiple offers, but this particular buyer stood out as his
offer provided for a very quick escrow and true All Cash close.”
The Seller is a private family trust based in Arizona that has several apartment communities across the
Valley, as well as, many single-family home holdings.
The Buyer is a private family trust based in California.
The Phoenix based ABI Multifamily brokerage team of John Klocek, Patrick Burch, Alon Shnitzer, Doug
Lazovick, John Kobierowski, Rue Bax and Eddie Chang represented both the Buyer and the Seller in