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
Pierson Palms | 357 West Pierson Street, Phoenix, AZ 85013 | 20 Units | $3,250,000 | $162,500 Per Unit | $195.94 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – November 4, 2019: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western U.S. – is proud to announce the $3,250,000 / $162,500 Per Unit / $195.94 per SF sale of Pierson Palms in Phoenix, Ariz.
The transaction consists of 20 garden-style units in the historic infill Uptown Phoenix district, conveniently located near two light rail stations and a variety of dining, lifestyle and entertainment options.
Pierson Palms Apartments was originally built in 1958 and retains much of the original charm of that era. However, a previous owner updated the property in 2009, and the current Seller expanded those upgrades in 2018.
The property features a great unit mix of six one-bed/one-bath, nine two-bed/one-bath and five three-bed/two-bath units. Amenities include a central courtyard pool with pergola-shaded seating area, covered parking and an on-site laundry facility.
ABI Multifamily’s Senior Managing Partner Alon Shnitzer and Vice Presidents John Klocek and Patrick Burch represented both the Buyer and the Seller in the transaction.
“The Seller and the third-party property management company did an exceptional job in repositioning this property,” Shnitzer said. “It was positioned perfectly with high occupancy and as a continued light interior value add for the incoming buyer."
Klocek added, “The prior owner did a great job with the renovations, but this is such a growth area that there was still plenty of meat left on the bone, so to speak. The current Seller did additional exterior renovations and took the interior renovations to the next level to maximize the units’ appeal.”
ABI Multifamily (http://www.abimultifamily.com/)is a brokerage and advisory services firm focused 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.