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Dalan Management, VM Management Acquire 138-Unit Apt. Complex in Phoenix

FPA Multifamily Sells Seventeen 805 for $16.8 Million
June 11, 2018
The 138-unit Seventeen 805 apartment complex at 17805 N. 40th St. in Phoenix

A joint venture between New York-based Dalan Management and VM Management, a local investment firm that focuses on value-add acquisitions, purchased a 138-unit apartment complex in Phoenix from FPA Multifamily, a San Francisco-based firm that has owned more than 100,000 apartment units valued at over $10 billion since its launch in 1985. Seventeen 805 sold for $16.78 million, or about $122,000 per unit.

Located at 17805 N. 40th St., the garden-style complex comprises one- and two-bedroom units ranging from 980 to 1,050 square feet in seven, two-story buildings. The complex, which is about 91 percent occupied, was built in 1984 on more than seven acres and renovated in 2016.

“Seventeen 805 is located near the SR-51 and the 32nd Street Redevelopment Corridor. The Seller, FPA Multifamily, did an amazing job in renovating the exterior, common areas and a majority of the interiors,” said Rue Bax, a senior managing partner at ABI Multifamily, in the firm’s press release.

Bax, along with Alon Shnitzer, John Kobierowski, Eddie Chang and Doug Lazovick of ABI, represented both the seller and the buyer. The seller had originally purchased the property in September 2015 for $10.75 million, or about $78,000 per unit, CoStar data shows.

Please refer to CoStar COMPS #4271814 for additional information regarding this transaction.

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