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 $12M Apartment Sale near Westgate Entertainment District in Glendale, AZ

ABI Press Releases, Alon Shnitzer, apartment sale, Arizona, Downtown Glendale, Glendale apartment sale, Phoenix Metro, Phoenix Metro, Phoenix MSA, Westgate Entertainment District

Bethany Park Apartments | 5830 North 67th Avenue, Glendale, AZ 85301 | 172 Units | Built in 1984 | $12,000,000 | $69,767 Per Unit | $89.91 Per SF Bethany Park Apartments | 5830 North 67th Avenue, Glendale, AZ 85301 | 172 Units | Built in 1984 | $12,000,000 | $69,767 Per Unit | $89.91 Per SF

PRESS RELEASE
FOR IMMEDIATE RELEASE

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

ABI Brokers $12M Apartment Sale near Westgate Entertainment District in Glendale, AZ


Phoenix, AZ – March 15, 2018 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $12,000,000 / $69,767 Per Unit sale of the Bethany Park Apartments located in Glendale, Arizona. Built in 1984, Bethany Park is a two story, garden-style apartment community that features 172 units in 10 rental buildings constructed of wood frame and stucco. The property has flat roofs and rests on approximately 6.26-acre. The unit mix consists of 124 one-bedroom / one-bathroom units and 48 two-bedroom / two-bathroom units, with a weighted average size of 776 square feet. Bethany Park is individually metered for electricity with individual hot water heaters. Units feature air conditioning, private patio / balcony, extra storage, and kitchens equipped with a dishwasher and garbage disposal. Select units offer walk-in closets, washer / dryer hook-ups, and fireplaces. This gated community also provides its residents with two swimming pools, a spa, covered parking, and two laundry facilities.

"Bethany Park is located near both Westgate and Downtown Glendale," states Alon Shnitzer, Senior Managing Partner at ABI, lead broker for this transaction. "The City of Glendale, including the South Glendale submarket, has witnessed an explosion in renter households rising ~31% since 2000. Many of these residents have been displaced by more high-end development occurring in the Phoenix MSA's more urban core areas. The Buyer hopes to continue capitalizing on this trend, as the "work force" housing demand continues to grow in the submarket."

The Buyer, Bethany Park Apartments, LLC was formed by a private investment firm based in Los Angeles, CA. The parent company and its subsidiaries currently control over 3,750 apartment units in the Arizona Market.

The Seller was a Joint Venture between New York-based Dalan Management and Arizona-based VM Management. The partnership owns and manages real estate with a focus on improving and adding value to multifamily and commercial properties. Dalan's portfolio includes residential properties in Manhattan, Brooklyn, Queens, the Bronx, Washington DC and Phoenix, Arizona with additional commercial holdings in Manhattan. VM's portfolio consists of multifamily assets in the greater Phoenix area.

The multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both the Buyer and Seller in this transation.

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