FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ – June 20, 2016 – ABI Multifamily Closes North Tempe Apartment Complex near ASU/Light Rail
ABI Multifamily, the Valley’s largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $2,850,000 sale of the University Apartments, a 30-unit apartment community located in Tempe, Arizona.
University Apartments is a low density, two-story apartment community comprised of six contiguous parcels on more than one acre of land and built in 1960. The property consists of an attractive mix of (12) 1-bed/1-bath and (18) 2-bed/1-bath units with an average size of 720 square feet. Each unit is individually metered for electricity and equipped with frost-free refrigerators, stove and hood. Built of block construction, the property had undergone select exterior capital expenditures and select units were upgraded with new appliances, flooring, fixtures and electrical outlets.
“University Apartments is located less than a ¼ mile from ASU’s main campus and Light Rail,” states Rue Bax, Senior Managing Partner at ABI and Buyer Rep. “Given the tremendous economic activity occurring within the North Tempe/University submarket as a whole and the property’s close proximity to those main economic epicenters, attracted the Buyer to this particular asset. The Buyer intends to completely renovate and reposition the property moving forward.”
The Seller was a private multifamily partnership based out of California.
The Buyer was a private multifamily investor based in Arizona.
The Phoenix based ABI Multifamily brokerage team of John Kobierowski, Rue Bax and Eddie Chang, Alon Shnitzer and Doug Lazovick represented both the Buyer and the Seller in this transaction.
ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. The experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.