PHOENIX—ABI Multifamily has facilitated thesale of Fountainhead, an apartment community located in Phoenix.The 273 Unit garden-style, gated community was originally built in1984 and sold for $8.1 million.

“This neighborhood provides a prime example of the resurgencehappening throughout the Phoenix Metro. A few years back, whenchanges were being made to state immigration laws, this area andothers like it, saw a significant reduction in renters. Thisproperty, in particular, experienced occupancies in the 60% rangefor a period of time. Due to a combination of reasons, includingneighborhood revitalization efforts, improvements in the economyand resident profiles, and significant growth of nearby GrandCanyonUniversity, Fountainhead has seen occupancies rise to 97%during the escrow process for this sale. That is a seriousturnaround. Kudos to the sellers, who were able to navigateturbulent waters throughout their nearly 25-year ownership of theproperty and ultimately improve quality and value of a solid WestPhoenix asset,” says John Kobierowski, seniormanaging partner at ABI.

Fountainhead is a two story garden-style apartment communitylocated at 4326 N. 35th Ave. in Phoenix. The gated property wasbuilt in 1984 and sits in West Phoenix on the Grand AvenueCorridor. Direct access to Downtown Phoenix employment,entertainment and dining options make this a good option forresidents. The community is also less than a mile from I-17 andlocated in close proximity to the ever-expanding GrandCanyonUniversity. Fountainhead has a mix of studios, one bed / onebath, and two bed / two bath units. All apartments includeindividual HVAC systems. common area amenities include threecommunity swimming pools, clubhouse, two on-site laundryfacilities, and ample covered and open parking.