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
Sycamore Cove Apartments | 2458 North Sycamore Blvd, Tucson, AZ 85712 | 67 Units | Built in 1979, Renovated in 2017 | $2,385,000 | $35,597 Per Unit | $88.99 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ – March 2, 2018 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $2,385,000 / $35,597 Per Unit sale of The Sycamore Cove Apartments located in Tucson, Arizona. Sycamore Cove is a two story, garden-style apartment community, built in 1979, extensively renovated in 2017, which rests on approximately 1.63 acres. The property was built of wood frame and stucco, with flat roofs. The property boasts a mix of 67 Classic, and Renovated, Jr. One-bedroom units with a weighted average size of 400 square feet. Sycamore Cove amenities include swimming pool, picnic area, laundry facility, fenced in dog-park and ample parking.
"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 the Seller in 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 Buyer, a private California-based family partnership, has been seeking to diversify its Tucson real estate holdings and this purchase will mark the buyers 1st multifamily purchase in Tucson," states Jon Ibrahim, Vice President, and lead broker representing the Buyer. "The purchase of Sycamore allows them to purchase a substantially renovated project with upside should they finish the remaining interior unit renovations."
The Buyer is a private California-based family partnership.
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.