COVID-19 Statement from ABI Multifamily

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

Press Release | ABI Multifamily Brokers $12.2M Sale of 288-Unit, 1980's Constructed Project near Tucson International Airport

ABI Multifamily, ABI Press Releases, apartment sale, Arizona, Brokerage, multifamily investment sale, The Quails Apartments, Tucson International Airport, Tucson Metro, Tucson Metro, Value Add

The Quails Apartments | 1120 & 1150 East Irvington Road, Tucson, AZ 85714 | 288 Units | Built in 1984/85 | $12,200,000 | $42,361 Per Unit | $79.39 Per SF The Quails Apartments | 1120 & 1150 East Irvington Road, Tucson, AZ 85714 | 288 Units | Built in 1984/85 | $12,200,000 | $42,361 Per Unit | $79.39 Per SF

PRESS RELEASE
FOR IMMEDIATE RELEASE

Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com

ABI Multifamily Brokers $12.2M Sale of 288-Unit, 1980's Constructed Project near Tucson International Airport



Phoenix, AZ – January 17, 2018 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $12,200,000 / $42,361 Per Unit sale of The Quails Apartments located in Tucson, Arizona. The Quails is a two story, garden-style apartment community, built in 1984 and 1985, which rests on approximately 8.37 acres. The property was built of frame and stucco, with flat and pitched roofs. The property boasts an attractive unit mix of 60 – Studio, 196 - 1 bedroom and 32 - 2 bedroom unit types, with a weighted average size of 534 square feet.

"Tucson, as a whole, is receiving tremendous investor interest from across the country and world for that matter," states Alon Shnitzer, Senior Managing Partner, and lead broker for this transaction. "First, the region has experienced sustained job and population growth and secondly, perhaps more importantly, there is very little in the way of new multifamily construction to hamper the continued work force housing demand."

The area surrounding The Quails, located a few miles north of Tucson International Airport, has witnessed tremendous economic investment and job announcements over the last several years. Major job announcements include Raytheon (2,000 jobs), C3 Call Centers (1,100 jobs), as well as, the development and building of World View HQ's SpacePort.

"The Buyer, an experienced California based Arizona multifamily investment firm, has been seeking to expand its Tucson multifamily footprint since entering the Tucson market in 2015. The purchase of The Quails allows them to purchase a sizeable number of units to effectively leverage scale to enhance overall returns. Additionally, given the submarket's robust jobs growth and ever increasing population, rising 40%+ over the last decade, make it a very attractive investment."

The Buyer, Irvington Meadows, LLC was formed by a private investment firm based in Los Angeles, CA.

The Seller, an entity formed through Alpha Wave Investors, LLC, is a private investment company based in Laguna Hills, CA.

ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson 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.