COVID-19 Statement from ABI Multifamily

As we all navigate these unprecedented and challenging times, we want you to know that we are working hard to maintain effective business operations and open channels of communication with all of our clients. Fortunately, we utilize and rely on technology as the backbone of operations for ABI. Our digital systems and virtual communications capabilities have allowed us to seamlessly and efficiently transition to a mostly remote working model. We are operating with our full capabilities and continue to provide the responsive and timely feedback we are known for.

Our team remains fully committed to providing our expertise in brokerage and advisory services, and serving as a resource for all relevant data and information. We will continue to help multifamily stakeholders make sound decisions in real-time, maintain maximum performance of their investment assets, and synthesize immediate, short, and long-term goals throughout this highly unusual time.

Quite simply - WE ARE HERE FOR YOU - in the best of times and the worst of times. Our seasoned advisors have been through it all. In our business, rents and occupancy are the pillars to stability. We are tracking both and can help you stay ahead of the changes in your submarkets.

It is time to think and act fast so reach out to one of our brokers over the phone or email. At the very least, you will enjoy a good conversation during these socially distant moments. We are all in this together. Here’s to strong health and rapid resolutions to the variety of challenges we collectively face. More power to all of you!

- The Team at ABI Multifamily

Press Release | ABI Brokers $2.525M Apartment Sale in East Phoenix’s 36th Street Redevelopment Corridor

ABI Press Releases, Arizona, La Patio Apartments, multifamily investment sale, Phoenix Metro, Phoenix MSA, Royce Munroe, Rue Bax, Ryan Smith

La Patio Apartments | 3109 North 36th Street, Phoenix, AZ 85018 | 16 Units | Built in 1986 | $2,525,000 | $157,812 Per Unit | $176.82 Per SF La Patio Apartments | 3109 North 36th Street, Phoenix, AZ 85018 | 16 Units | Built in 1986 | $2,525,000 | $157,812 Per Unit | $176.82 Per SF

PRESS RELEASE
FOR IMMEDIATE RELEASE

Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com

ABI Brokers $2.525M Apartment Sale in East Phoenix’s 36th Street Redevelopment Corridor



Phoenix, AZ – September 10, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $2,525,000 / $157,812 Per Unit sale of La Patio Apartments located in Phoenix, Arizona. Built in 1986, La Patio Apartments is a three story, garden-style apartment community that features 16 units in one rental building constructed of wood frame and stucco. The property has pitched concrete tile roofs and rests on approximately 0.46-acre. The unit mix consists of (5) one bed and (11) two bed units with an average size of 893 SF. Interior renovations include granite countertops, newer cabinets and appliances, and wood-like flooring. This apartment community also provides its residents with a swimming pool, balconies, fireplaces, carports, and washer and dryers present in each unit. The location of the property rests in between Downtown Phoenix and Old Town Scottsdale, north of Phoenix Sky Harbor.

“The East Phoenix Submarket, often referred to as Arcadia Light, has experienced a tremendous revival over the last several years,” states Royce Munroe, Vice President, who along with Ryan Smith, Vice President and Rue Bax, Senior Managing Partner, represented both the buyer and seller in the transaction. “The highest concentration of redevelopment activity has occurred between Indian School and Thomas along 36th/38th streets which has witnessed $25M+ in private development over the last several years.”

“This marks the third Arizona acquisition for the buyer,” states Ryan Smith. “Given the area’s robust economic growth, and sustained high occupancy levels, the buyer can easily capitalize on this project without needing to implement a substantial renovation plan as the previous owners were fastidious in its maintenance.”

The buyer is a California based private investor.

The seller is an Arizona based private investor.

The multifamily brokerage team of Royce Munroe, Ryan Smith, Rue Bax, John Klocek, Patrick Burch, and Nathan Bruer represented both the buyer and seller in this transaction.

ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, 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.