New York-based multifamily investment firm Abacus Capital Group has reportedly acquired the Renaissance at South Mountain apartment complex in Phoenix, Arizona for $37 million (€27 million). The property was purchased through its recently launched Abacus Multi-Family Partners I fund. The seller was Buffalo, New York-based Chason Properties.
The 312-unit property, renamed the Arboretum at South Mountain, features one-, two- and three-bedroom units. The firm is planning to invest an additional $1 million in the property, according to press reports. The complex will be managed by Arizona-based Mark-Taylor Residential.
In July, Abacus Capital closed its first investment for the fund with the $21.7 million acquisition of the Eagle Ridge Apartments, a 352-unit complex in the Pittsburgh suburb of Monroeville.
“This asset has a number of characteristics we look for—very good unit layouts, proximity to services, [and] a good school system,” Gregory Lyden, executive vice president of Abacus, said in a statement at the time of the deal.
The Abacus Multi-Family Partners I fund is focused on value-added transactions throughout the US and has a purchasing power of approximately $400 million. The firm currently has $2 billion of real estate assets, including 21,000 apartment units.