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
Artisan Park | 9350 North 67th Avenue, Glendale, AZ 85302 | 198 Units | $22,600,000 | $114,141 Per Unit | $142.07 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ – June 3, 2019: ABI Multifamily – the Western US' leading multifamily brokerage and advisory services firm – is proud to announce the $22,600,000 / $114,141 Per Unit / $142.07 Per SF sale of Artisan Park Apartments in Glendale, Arizona.
Artisan Park is a 198-unit garden-style apartment community situated in a strong West Valley growth area off 67th Avenue between Olive Avenue and Mountain View Road. The community sits one mile west of Glendale Community College and just 10 minutes from the Westgate Entertainment District.
Built in 1984, and offering a nearly even mix of one-bed/one-bath, two-bed/one bath and two-bed/two-bath units, the property provides an exceptional value-add opportunity. Twelve of the site’s 13 buildings were treated to new roofs in 2019. Fully 95% of the units have original interiors and appliances, except for new, white appliances added over time on an as-needed basis.
ABI Multifamily’s Jack Hannum, who joined the firm’s Institutional Team as a Senior VP in January, represented both the Buyer, Canada-based Western Wealth Capital, and the Seller, California-based CALCAP Advisors.
“I represented CALCAP Advisors in its original acquisition of Artisan Park in May 2014,” Hannum said. “Making a stellar return and keeping the value-add play intact for the next buyer was a very smart strategic decision for them. Artisan Park is Western Wealth’s third multifamily acquisition for 2019, and they have already begun renovating interiors and improving the exterior appeal of the community to fully realize its potential.
“In addition,” Hannum continued, “Western Wealth has retained CALCAP Properties — the Seller’s third-party management arm — to continue managing the property and overseeing daily operations. This decision reflects the exceptional quality of service and oversight the property has enjoyed for the past five years.”
ABI Multifamily (http://www.abimultifamily.com/) 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.