9/4/2007

Phoenix company acquires 312-unit apartment complex for $37 million

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Arboretum at South Mountain

Phoenix-based Abacus Multi-Family Partners purchased a 312-unit apartment complex in Phoenix for $37 million from Chason Properties Inc.

Williamsville, N.Y.-based Land Banking & Development represented Chason, while Steve Goldstein and Jason Buxbaum of Scottsdale, Ariz.-based Amercon Realty Services represented Abacus.

Arboretum at South Mountain, formerly Renaissance at South Mountain, is a 284,980 square foot property situated on 12 acres. Located in the foothills of the Ahwatukee Mountains in Phoenix, it was 86 percent leased at the time of sale.

Arboretum is made up of one-, two- and three-bedroom apartments and is located at 15251 S. 50th St.

Amercon Realty Services, Inc., is a boutique real estate firm based in Scottsdale, Ariz.

Address: 15251 S. 50th St., Phoenix, Ariz.

Size: 284,980 square fee/12 acres

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Filed Under: Multi-Family

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