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 $25M, 304 Unit Apartment Sale in Glendale, AZ for The Wasatch Group

ABI Press Releases, Alon Shnitzer, Arizona, Arroyo Vista, Doug Lazovick, GCU, Glendale AZ, Grand Canyon University, Phoenix Metro, Phoenix MSA multifamily sale, South Glendale Submarket

5631 West Colter Street Glendale, AZ 85301 | 304 Units | Built in 1984 | $25,000,000 | $82,237 Per Unit | $94.67 Per SF Arroyo Vista | 5631 West Colter Street, Glendale, AZ 85301 | 304 Units | Built in 1984 | $25,000,000 | $82,237 Per Unit | $94.67 Per SF

PRESS RELEASE
FOR IMMEDIATE RELEASE

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

ABI Multifamily Brokers $25M, 304 Unit Apartment Sale in Glendale, AZ for The Wasatch Group


Phoenix, AZ – November 17, 2017 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $25,000,000 / $82,237 Per Unit / $94.67 Per SF sale of Arroyo Vista Apartments located in Glendale, AZ. Arroyo Vista is a two story, garden-style apartment community compromised of 16 buildings that rest on approximately 10.01 acres. The property was built in 1984 of frame construction with built-up/flat roofing and boasts an attractive unit mix of 72 - 1 bedroom, 208 - 2 bedroom and 24 – 3 bedroom unit types with a weighted average size of 869 square feet. All units are individually metered for electricity and have individual HVACs and all 3 bedroom units have in-suite washer & dryers. Community amenities include dedicated rental office, resident clubhouse, pool, spa, playground, and dog park.

According to Doug Lazovick, Partner at ABI, and lead broker for the Buyer "there were many aspects that drew the Buyer to the property: the heavy majority of Two Bedroom/Two Bath units, attractive going-in Cap Rate and the ability to add-value through modest interior and exterior renovations."

"The property was in excellent shape and well operated by the seller over the past 24 years. Over the past 10 years I have transacted over 1,000 apartment units for this seller and they have always been exceptional to work with. Can't say enough good things about them; how they operate and treat others – Point blank, The Wasatch Group is an exemplary organization to be involved with," states Alon Shnitzer, Senior Managing Partner at ABI and lead broker for the selling entity.

The Buyer, Bear Holdings Group, is based in Scottsdale, Arizona and provides project sponsorship, joint venture and investment opportunities for multifamily construction, acquisition, conversion and rehabilitation. Bear Holdings has developed over 83 multifamily and mixed-use developments in California, Nevada, Michigan, Indiana and Arizona valued at just under $1B. Arroyo Vista is their 3rd Arizona acquisition. "We believe Phoenix is a tremendous market now and into the foreseeable future" says Ralph Saterbak, Key Principal with Bear Holdings Group.

The Seller, The Wasatch Group, is based in Utah and are a fully integrated real estate development, construction, property management and guaranty capital company, with holdings that include 16,344 apartments plus commercial properties with assets totaling over $4 billion.

The multifamily brokerage team of Doug Lazovick, Alon Shnitzer, John Kobierowski, Rue Bax, and Eddie Chang represented both the Buyer and 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 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.