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 $5.8M Value Add Fractured Condo Sale along 19th Avenue Light Rail Corridor

19th Avenue LIght Rail Corridor, ABI Press Releases, Arizona, fractured condo, Los Olivos Condominiums, multifamily investment sale, Phoenix Metro, Phoenix MSA, Royce Munroe, Ryan Smith, value add apartment sale

Los Olivos Condominiums | 7625 North 19th Avenue, Phoenix, AZ 85021 | 61 Units | Built in 1968 | $5,846,020 | $95,836 Per Unit | $89.72 Per SF Los Olivos Condominiums | 7625 North 19th Avenue, Phoenix, AZ 85021 | 61 Units | Built in 1968 | $5,846,020 | $95,836 Per Unit | $89.72 Per SF

PRESS RELEASE
FOR IMMEDIATE RELEASE

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


ABI Brokers $5.8M Value Add Fractured Condo Sale along 19th Avenue Light Rail Corridor




Phoenix, AZ – August 28, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $5,846,020 / $95,836 Per Unit sale of Los Olivos Condominiums located in Phoenix, Arizona. Built in 1968, Los Olivos Condominiums is a two story, garden-style condominium community that features 61 units in 9 rental buildings constructed of wood frame and stucco. The property has flat roofs and rests on approximately 3.55-acre. The unit mix consists of (50) two bed and (9) three bed units with an average size of 1,104 SF. Los Olivos Condominiums is individually metered for electricity. This secure gated community also provides its residents with a swimming pool, covered parking, and a laundry facility along with a great location 1.8 miles away from the rapidly gentrifying Christown Spectrum Mall and easy access to the 19th Ave & Northern Light Rail Station.

"Having started out as an individually-owned, For-Sale condominium project and then re-assembling the community into one complete project set the stage for a complicated, and lengthy transaction," states Ryan Smith, Vice President, along with Royce Munroe, Vice President, who represented both the buyer and sellers in the transaction. "There were 15 individual sellers from all over the world, including both Canada and France; as a result, it took over 6 months to bring this transaction to close. The sellers realized pricing premia due Phoenix’s robust apartment market and the buyers are perfectly positioned to capitalize on a rapidly improving submarket."

"The entire dynamic of the 19th Avenue Light Rail Corridor is changing. Since 2013, the 19th Avenue Corridor has witnessed an impressive 3.5% increase in occupancy, to approximately 95%, with average rental growth of 5% year-over-year to its current $808, which is $260 below the MSA average," states Royce Munroe. "Just off unit-mix and size alone, with predominately large, 1,000+ square foot, 2-bedroom units, is very attractive from a value add perspective given the large delta’s between average metro and property rents."

The buyer is a California based private investor.

15 individual sellers from Canada, California, Arizona and France.

The multifamily brokerage team of Ryan Smith, Royce Munroe, John Klocek, Patrick Burch, and Nathan Bruer represented both the buyer and seller in this transaction.

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.