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
Orange Tree Village | 645 West Orange Grove Road, Tucson, AZ 85704 | 110 Units | $15,900,000 | $144,545 Per Unit | $113.45 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – July 15, 2019: ABI Multifamily – the Western US' leading multifamily brokerage and advisory services firm – is proud to announce the $15,900,000 / $144,545 Per Unit / $113.45 Per SF sale of Orange Tree Village Apartment Homes in Tucson, Arizona.
Orange Tree Village is a 110-unit apartment community located in North Tucson’s Casas Adobes submarket. The community is conveniently located just outside downtown Tucson, where dining, shopping and entertainment are easily accessible, but where a family friendly community feel is still noticeably present.
Built in 1981 and renovated in 2018, Orange Tree Village is improved with 22 one- and two-story buildings on 9.13 acres. The property features a mix of 20 one-bedroom units, 66 two-bedroom units and 24 three-bedroom units, with a weighted average of 1,274 SF.
ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang, along with Ryan Kippes of ABI’s Tucson office, represented both the Buyer and the Seller.
"The Seller did an amazing job turning this property around in a relatively short period of time,” Shnitzer said. “Next Wave Investors aggressively renovated the property, starting with the exterior and amenities, then moving to interiors. Average rents and other charges moved approximately $200 over about one year, and there’s more room to grow. In addition, the property is now well positioned for the incoming Buyer to continue improving, renovating interiors and moving rents."
The Buyer is a private investment partnership composed of BlueSky Equity and Vista Laguna Asset Management out of California, Hamick Asset Management out of Texas, and Valley Oaks Capital out of Phoenix. To date, their partners have completed more than $39 Million in acquisitions in the Arizona and Texas markets.
The Seller — an entity formed through Next Wave Investors, LLC — is a private investment company based in San Clemente, CA. To date, the firm has completed more than $150 Million in acquisitions, with the majority of its multifamily transactions happening in the Arizona, Utah and Nevada markets.
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.