By Business 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.