Brookwood | 201 South Kolb Road, Tucson, AZ 85710 | 272 Units | $21,000,000 | $77,206 Per Unit | $101.56 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Tucson, AZ – Thursday, December 27, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $21,000,000 / $77,206 Per Unit sale of Brookwood Apartment Homes located in Tucson, Arizona. Brookwood is a 272-unit, garden-style apartment community prominently situated on Kolb Road, just off the intersection with Broadway Boulevard, both major thoroughfares, whereby residents enjoy convenient access to all areas of Tucson. The property is also located within walking distance to local conveniences and services such as Park Place, one of the most popular shopping malls in the Tucson metro.
Completed in 1973, Brookwood Apartment Homes is constructed of wood frame and stucco with pitched composition shingle roofs. The property features an attractive unit mix that consists of 176 one-bedroom / one-bathroom units, 64 two-bedroom / one-bathroom units, and 32 two-bedroom / two-bathroom units. Each unit is individually metered for electricity and has individual HVAC units. Property amenities include pool / spa, fully gated dog park, laundry facilities, courtyards, covered parking, and a dedicated rental office / clubhouse. Interior amenities include air conditioning / heating, patio / balcony, outside storage, faux-wood flooring, walk-in closets, low-flow toilets and shower heads, and a kitchen equipped with dishwasher and refrigerator.
“Based on our research, all rental demand drivers are positive in Tucson – Employment Growth of 2.6%, Median Household Income Up by 1.3%, Population Growth of 0.8%, and Per Capita Income Change of 1.6%,” states Alon Shnitzer, Senior Managing Partner and lead broker for the Seller in this transaction. “Due to these positive fundamentals, Tucson is receiving great attention from national and international multifamily investors. This was a highly sought-after opportunity and it was a pleasure working again with the selling entity, as well as, the buying entity.”
The buyer is a foreign investment company exclusively investing in the US residential real estate market. Its main focus lies in secondary and tertiary areas that are characterized by strong population and employment growth and limited housing offering. These regions are typically within a 30 to 60-minute drive of city or employment centers. The housing offering targets the low to medium income population in these regions. The company’s asset manager is Stoneweg US, LLC, a Florida based real estate asset manager with over 10,000 units and USD 800 million of real estate assets under management.
The seller is Miami, Florida-based Monument Capital Management. Monument Capital Management acquires controlling interests in value-add multifamily assets throughout the U.S. MCM is unique in that they are a fully integrated real estate investment company that identifies attractive acquisition assets, structures and closes the deals, manages the properties and, where needed, repositions the assets using an affiliated construction company.
The Arizona large apartment team of Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang, and Doug Lazovick, along with ABI’s local Tucson brokers Ryan Kippes and Jonathan Ibrahim represented the seller in this transaction.
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.