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
Silver Tree Apartments | 4336 North 35th Avenue, Phoenix, AZ 85017 | 98 Units | Built in 1986 | $8,150,000 | $83,163 Per Unit | $137.78 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ – August 21, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $8,150,000 / $83,163 Per Unit sale of Silver Tree Apartments located in Phoenix, Arizona. Built in 1986 of frame construction with some renovations between 2015/17, Silver Tree is a garden-style apartment community that features 98 units in seven, two-story buildings. The property rests on approximately 3.54-acres with a unit mix that consists of (16) studios, (42) one bed and (40) two bed units with an average size of 604 SF. Electricity is individually metered with individual A/C units and a main boiler for domestic hot water. The xeriscape property grounds have a beautiful spacious swimming pool with Ramada and centrally located laundry facility. Additional planned improvements include a fitness center, dog park, business center, group project area for students, rebranding and more. Interior planned improvements include new kitchen cabinets, quartz countertops, stainless steel appliances and more.
"The property has been meticulously maintained by a pride-of-ownership owner / operator with new roofs installed in 2015 and more exterior improvements in 2017 including all new paint," states Eddie Chang, Partner, who represented both the buying and selling entities in the transaction. "The buyer was attracted to this value-add opportunity due to its close proximity to Grand Canyon University which has been expanding rapidly, creating the need for additional quality housing and services. The new owners plan to take advantage of the growing demand by making sweeping exterior and interior improvements targeting the student population of GCU."
The buyer is a private partnership based in Phoenix, AZ.
The seller is a private partnership based in Phoenix, AZ
The multifamily brokerage team of Eddie Chang, John Kobierowski, Alon Shnitzer, Rue Bax and Doug Lazovick represented both the buyer and seller in this transaction.
ABI Multifamily 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.