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
Ocotillo Apartments | 1712 - 1724 East Ocotillo Road, Phoenix, AZ 85016 | 24 Units | $3,480,000 | $145,000 Per Unit | $202.09 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – February 18th, 2020: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western U.S. – is proud to announce the $3,480,000 / $145,000 Per Unit / $202.09 per SF sale of Ocotillo Apartments in Phoenix, Ariz.
The Ocotillo Apartments transaction consists of 24 garden-style units in the North Central Phoenix submarket, conveniently located near Uptown Plaza, the Midtown Phoenix Light Rail, and the State Route 51 Freeway. In addition, the property is located down the street from the brand-new Wyatt Communities of Arizona Residential Development as well as a short 15-minute drive to Phoenix Sky Harbor International Airport.
With 24 units built in 1963, the Ocotillo Apartments feature six individual four-plex properties on separate parcels. The apartment community is comprised of 50% two-bedroom units and 50% one-bedroom units. All units are individually metered for electricity, while 66% of the units have private fenced backyards.
ABI Multifamily’s Mitchell Drake and Ryan Smith represented the seller. ABI Multifamily’s Dallin Hammond and Rue Bax represented the buyer.
“This is a great opportunity for the Buyer as the property is located right along the canal in Uptown Phoenix,” states Dallin Hammond, Vice President at ABI, who represented the buyer in the transaction. “With the properties being separately parceled and contiguous, it provides the Buyer with numerous exit strategies in the future.”
"The Seller's initial plans were to hold these apartments long term and eventually buy out the remaining ownership within the community," explained Mitchell Drake, Vice President at ABI who was in representation of the Seller. "Due to the low supply and high demand for multifamily in Uptown & Central Phoenix, the Seller decided to forgo his holding pattern and capitalize on the current market conditions."
The Buyer is an Arizona-based private investor. The Seller is a New York-based private investor.
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.