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
Brookfield Terrace Apartments | 6545 North 19th Avenue, Phoenix, AZ 85015 | 135 Units | Built in 1970 | $7,925,000 | $58,704 Per Unit | $97.51 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ – March 14, 2018 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $7,925,000 / $58,704 Per Unit sale of the Brookfield Terrace Apartments located in Phoenix, Arizona. Brookfield Terrace is a three story, garden-style apartment community which rests on approximately 2.28 acres. The unit mix consists of all one-bedroom/one-bathroom units measuring 602 square feet. All utilities are master-metered including electricity, gas, water, and sewer and hot water for the property is provided by master boilers. Units feature air conditioning / heating, balcony / patio, ceiling fan(s), oversized closets, walk-in closets, ceramic tile flooring throughout, and a kitchen equipped with a garbage disposal, gas range / oven and refrigerator. Brookfield Terrace also provides its residents with a swimming pool and hot tub, clubhouse with billiards and kitchen, lighted walkways and common areas, two newly renovated laundry facilities and covered parking.
"Brookfield offered the buyer a number of strategic advantages," states Alon Shnitzer, Senior Managing Partner at ABI, lead broker for this transaction. "First, the Buyer was seeking a property in an up-and-coming submarket with potential to increase rents via further property upgrades. The buyer, CALCAP, intends to invest over $1M into property upgrades, including improving the property appearance along 19th Avenue, renovating apartment interiors, and updating the common areas enjoyed by residents. Second, the Buyer sees the Metro Light Rail corridor, particularly the northern end, as an area with more room for growth. The property is, essentially, across the street from the 19th Avenue/Glendale Light Rail stop and less than one mile from Christown Spectrum Mall. As residents have been displaced with all the new high-end developments occurring in more urban core areas along Light Rail, the Buyer hopes to capitalize on this movement by offering a premium, renovated property with more attractive rents."
The Buyer, California Capital Real Estate Advisors, Inc. (CALCAP) is an experienced multifamily investor based in California. Founded in 2008 and led by former senior leaders of one of the largest thrifts in the U.S. Partnering with businesses, asset managers, real estate investors and developers, CALCAP represents individual and institutional investors by strategically allocating capital across a multitude of real estate investments.
The Seller, iA Financial Group, is an experienced Canadian-based multifamily lender. Founded in 1892, iA Financial Group offers a comprehensive range of life and health insurance products, savings and retirement plans, mutual and segregated funds, securities, auto and home insurance, mortgages and car loans as well as a host of other financial products and services. iA Financial Group has operations throughout Canada and stands out for the size and diversity of its Canada-wide distribution channels. The company also has operations in the United States.
The multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick represented both the Buyer and Seller in this transation.
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.