PHOENIX—ABI Multifamily has closed on the 264-unit, Palm Valley apartments in Goodyear. Palm Valley, originally built in 1997/98, features spacious 1, 2 and 3-bedroom units with a weighted average size of approximately 893 square feet. The asset sold for $27 million or $103,030 per unit.

“This is an amazing deal, for both buyer and seller,” states Rue Bax, senior managing partner at ABI. “The Phoenix Metro has seen tremendous investment activity in and around urban core districts which has resulted in tremendous increases in price and price/unit sales. The buyer, a private equity fund based in California, wanted to find a stable, high quality asset to purchase and reposition, and in an area outside of urban core districts where they could maximize value. Palm Valley, above all else, offers a premiere location that is unable to be replicated in the submarket and offers the new owners tremendous upside without significant risk.”

The Palm Valley Apartments are located in Goodyear's 9,500-acre Palm Valley master planned community and just minutes from all major West Valley transportation corridors of I-10, Loop 101 and the newly opened Loop 303. The property is also just a short walk to the acclaimed Palm Valley Golf Club which boasts a 36-hole championship course with an Arthur Hills-designed par-72 course that covers 7,015 yards. Palm Valley Apartments sit on just over 16-acres of land, with 19 total buildings and a dedicated leasing center/clubhouse. Palm Valley is a solid B-plus class community, with over 60% of its unit mix comprised of 2 and 3-bedroom units, and situated in an A-plus location.

The buyer in this transaction is an experienced multifamily investor based in California. The seller in this transaction is Indianapolis-based, Pedcor. Pedcor is a privately owned multifamily development, construction and management company. Founded by Gerald Pedigo and Bruce Cordingley in 1987, Pedcor has developed over 10,000 apartment units across the United States. The Phoenix based ABI Multifamily brokerage team of Rue Bax, Alon Shnitzer, John Kobierowski, Doug Lazovick and Eddie Chang negotiated the transaction.

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ABI Closes on 264-Unit Goodyear MF

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