Redevelopment Planned for '50s Phoenix Apartments in Hot Area
The 28-unit Idle Hours Apartments, a low-density apartment complex dating from 1956 near the intersection of Bethany Home Road and 16th Street, traded hands. That neighborhood, ABI partner Eddie Chang says, has seen "tens of millions in redevelopment activity since the seller bought the property in 2008." The buyer is a private investor based in Illinois; the seller was a private multifamily developer based in Arizona. Eddie, right, is snapped with colleague Doug Lazovick.
The buyer plans to get in on the redevelopment action in the area by building for-sale townhomes on the site of Idle Hours, according to ABI senior managing partner Alon Shnitzer. This kind of redevelopment play is increasingly common in many of the hot neighborhoods in the Valley, he adds. ABI repped both the buyer and the seller in the deal.
