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
Modern Retro Living | 2122 East Fairmount Avenue, Phoenix, AZ 85016 | 23 Units | $4,470,000 | $194,348 Per Unit | $255.91 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Arizona (June 4, 2020) - ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $4,470,000 / $194,348 per Unit / $255.91 per SF sale of Modern Retro Living, a 23-unit garden-style property in Phoenix.
Built in 1956 and renovated in 2016, Modern Retro Living consists of (22) two-bedroom / one-bathroom units and (1) one-bedroom / one-bathroom unit. Each unit contains mid-century modern finishes with in-suite laundry, stainless steel appliances, and covered parking. The property also presents a large pool surrounded by mature landscaping.
The apartment community is nestled in a prime Arcadia-adjacent location. Modern Retro Living is located near The Biltmore, Uptown Phoenix, and the 24th Street & Camelback corridor, which presents a vast amount of entertainment, shopping, and dining options. The location also includes easy access to the AZ-51 and a short drive to Phoenix Sky Harbor International Airport.
Mitchell Drake, Vice President at ABI Multifamily, commented, "After entertaining a number of buying parties who kicked the tire on this property, we ultimately found the right investor who had searched endlessly for a truly turnkey asset that boasted a majority of 2-bedroom units, located in a fringe B to A class location. Modern Retro Living fits this bill seamlessly."
Carson Griesemer, Associate at ABI Multifamily, stated, "Due to COVID-19, widespread skepticism had gripped the multifamily marketplace. Our team remained confident in the deal however and worked hard to find the right buyer, knowing the quality of the product and the opportunity it represented in the market."
ABI Multifamily’s Carson Griesemer, Dallin Hammond, and Mitchell Drake represented the seller.
The buyer is California-based private investment firm. The seller is a Washington State-based private investor.
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.