Apartment Tenants Keen on Adaptive Reuse
Millennials and even empty nesters are noted for their preference for apartments these days, but not just any cookie-cutter properties. “Although there are many new apartment developments in and around the Downtown Phoenix area, none are attracting as much attention as the adaptive reuse projects,” ABI senior managing partner Alon Shnitzer tells us. True historic, multifamily adaptive reuse projects are in limited supply in metro Phoenix Metro, thus heightening the demand for them.
Recently the Historic Power Apartments in the Roosevelt Row Arts District traded hands. Originally built in 1914 as apartments, the property has been an office building for many years. The new owner, adaptive reuse specialist SBD Ventures, plans to take advantage of the demand for this kind of unique property by reverting it back into 12 apartment units. ABI Multifamily repped both the buyer and seller, Historic Power Apartments LLC, in the deal, with the brokerage team including Alon, Eddie Chang, John Kobierowski, Rue Bax and Doug Lazovick.
