Abacus spends $24.35M for apartments in Phoenix

Cabana on Thomas

By BusineCabana on Thomasss Real Estate Weekly

In a deal that can best be described as a home run for the seller, Abacus Capital Group LLC in New York City, N.Y. (Benjamin Friedman, pres.) paid $24.35 million ($63,743 per unit) to buy the 382-unit Cabana on Thomas apartments located at 1645 E. Thomas Road in Phoenix.

Maricopa County records show AMFP III Cabana on Thomas LLC (formed by Abacus Multi-Family Partnership) acquired the apartment property in a cash transaction.

The seller was Cabana Thomas Apartments LLLP, a limited partnership formed by Deco Communities LLC in Scottsdale (Rob Lyles, Patricia Watts, Dan Richards, principals).

The sale was brokered by Steve Gebing and Cliff David of Marcus & Millichap Real Estate Investment Services in Phoenix. The price Cabana on Thomas traded for is $15 + million more than Deco Communities paid to acquire the property three years ago.

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