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.”

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