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 Brokers a $24M Apartment Sale for the Third Largest Multifamily Owner in the Phoenix MSA, Canada-based Western Wealth Capital

ABI Press Releases, Alon Shnitzer, Arizona, Doug Lazovick, Eddie Chang, National Multifamily News, Northwest Phoenix, Oakridge Apartments, Phoenix Metro, Univest Inc., value add apartment sale, Western Wealth Capital

Oakridge Apartments | 3330 West Greenway Road, Phoenix, Arizona 85053 | 282 Units | Built in 1984 | $23,970,000 | $85,000 Per Unit | $124.74 Per SF Oakridge Apartments | 3330 West Greenway Road, Phoenix, Arizona 85053 | 282 Units | Built in 1984 | $23,970,000 | $85,000 Per Unit | $124.74 Per SF

PRESS RELEASE
FOR IMMEDIATE RELEASE

Contact:
Corporate Headquarters
ABI Multifamily – Phoenix Office
Phone: 602.714.1400
Company Website: www.ABImultifamily.com

ABI Brokers a $24M Apartment Sale for the Third Largest Multifamily Owner in the Phoenix MSA, Canada-based Western Wealth Capital



Phoenix, AZ – October 24, 2017 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the sale of the Oakridge Apartments a 282-unit, apartment community for $23,970,000 or $85,000 Per Unit. Originally built in 1984, Oakridge is comprised of 16 contiguous buildings that are of wood frame construction with built-up/flat roofing. The property features an attractive mix of 30 - Studio, 172 – 1 bedroom and 80 – 2 bedroom units with a weighted average size of 688 SF. Each unit is individually metered for electricity and has individual HVACs.

According to Alon Shnitzer, Senior Managing Partner at ABI, and lead broker for the Buyer, "We are thrilled to have worked with the buyer, Univest Inc., again. In 2015, we had the pleasure of representing them in their purchase of the adjacent 144 unit multifamily property, West 35th Apartments. Univest's acquisition of Oakridge not only allowed for the completion of a 1031 exchange but also the benefit of economies of scale by owning a major portion of the Northeast corner of 35th Avenue and Greenway."

"The Seller, Western Wealth Capital, executed a value-add strategy of select interior and exterior renovations with great success and the Buyer plans to continue upon the same path," states Doug Lazovick, Partner at ABI, who along with Eddie Chang, Partner, led the representation of the Seller in the transaction. Chang states, "The property is ideally located on the north end of the I-17 Corridor off Greenway and is minutes from Deer Valley Towne Center, as well as, the 101 Freeway. With easy access to major highways, job epicenters, higher education schools, quality healthcare and shopping, the property is uniquely positioned for continued high demand."

The Buyer, Univest Inc., is a private investment company based out of Newport Beach, CA. Univest, Inc. has been active in Phoenix over the last three years and has purchased nine apartment buildings and is now holding and managing 1,622 apartment units.

The Seller, Western Wealth Capital, is a private investment company based out of Vancouver, Canada. Since its inception in 2011, WWC has acquired 31 multifamily unit buildings, representing 5,125 units, with a combined purchase-value of more than $375 million. WWC's current portfolio, net of divestments, includes 24 multifamily unit rental buildings (nearly 4,400 units) in the Greater Phoenix area. With over 30 years of experience, the Western Wealth Capital team has completed over 85 Projects and invested over $1,500,000,000 in real estate.

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