INDI Tucson | 1920 North First Avenue, Tucson, AZ 85719 | 88 Units | $8,000,000 | $90,909 Per Unit | $74.23 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – May 20, 2019: ABI Multifamily — the Western US’ leading multifamily brokerage and advisory services firm — has announced the $8,000,000 / $90,909 Per Unit / $74.23 Per SF sale of INDI Tucson in Tucson, Arizona.
INDI Tucson is an 88-unit/232-bed garden-style student apartment community located six blocks from the University of Arizona’s main campus. Built in 1972, 43 units were extensively renovated in 2018.
“INDI Tucson represented a truly unique market opportunity,” said ABI Multifamily Senior Managing Partner Rue Bax. “It’s orientation as student-focused housing and proximity to the University of Arizona main campus made it an inherently appealing property, and the Seller’s investment in extensively renovating 43 of the units demonstrated the potential for the Buyer to realize additional rent premiums by continuing the process.”
ABI Multifamily’s Rue Bax, Desiree Palmer, John Kobierowski, Alon Shnitzer, Eddie Chang and Doug Lazovick represented the Seller.
The Seller is an Arizona-based private equity real estate investor. The Buyer is a private California-based commercial real estate investment, management and advisory firm.
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.