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
Brighton Place Apartments | 222 East Cody Drive, Phoenix, AZ 85040 | 80 Units | Built in 1988 | $5,250,000 | $65,625 Per Unit | $93.33 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ – August 16, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $5,250,000 / $65,625 Per Unit sale of Brighton Place Apartments located in Phoenix, Arizona. Built in 1988 of frame construction, Brighton Place is a garden-style apartment community that features 80 units in 8, two-story buildings. The property rests on approximately 4.68-acres with a unit mix that consists entirely of two bedroom units with an average size of 703 SF. Units feature air conditioning/heating, private patio / balcony, walk-in closets, and all-electric kitchens equipped with a garbage disposals, dishwashers, and breakfast bar. Additionally, each unit has its own individual water heater. This community also provides its residents with a swimming pool, a leasing office, laundry facilities and lush landscaping.
"The seller purchased the property back in 2010 through a lender receivership sale at the market’s bottom," states Rue Bax, Senior Managing Partner, who represented the seller in the transaction. "By end of 2017, the sellers had completed a general renovation of both the exterior and some interior units of the property."
"The buyer is an experienced multifamily investor with thousands of apartment units owned across the Valley," states Alon Shnitzer, Senior Managing Partner, who represented the buyer in the transaction. "With the South Central Extension of Light Rail set for completion by 2023, the buyer hopes to capitalize as this project ramps up and opens the entire area to redevelopment."
The Buyer, Cody Drive Apartments, LLC, was formed by a private investment firm based in Los Angeles, CA. With this latest acquisition, the parent company and its subsidiaries currently control over 4,000 apartment units in the Arizona Market.
The seller was a private partnership based in California.
The multifamily brokerage team of Alon Shnitzer, Rue Bax, John Kobierowski, Eddie Chang 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.