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 $6.76M Value Add Assemblage in Downtown Gilbert

ABI Press Releases, apartment investment sale, Arizona, Eddie Chang, Gilbert, Heritage District, Phoenix Metro, Phoenix MSA multifamily, Ryan Smith, value add apartment sale, Vaughn Manor

Vaughn Manor Apartments | 36 East Vaughn Avenue, Gilbert, AZ 85234 | 42 Units Built in 2005 | $6,764,000 | $161,048 Per Unit | $140.53 Per SF Vaughn Manor Apartments | 36 East Vaughn Avenue, Gilbert, AZ 85234 | 42 Units | Built in 2005 | $6,764,000 | $161,048 Per Unit | $140.53 Per SF

PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com

ABI Brokers $6.76M Value Add Assemblage in Downtown Gilbert



Phoenix, AZ – October 23, 2017 – ABI Multifamily, the Western US's leading multifamily brokerage and advisory services firm, is pleased to announce the $6,764,000 / $161,048 Per Unit sale of the Vaughn Manor Apartments located in Gilbert, Arizona. Vaughn Manor is a two story, condo-mapped, garden-style apartment community which consist of ten 4-plexes and one duplex that was originally sold off as residential investment properties. The property was built in 2005 of frame construction with pitched roofs, individually metered for electricity and features all 3 bedroom / 2 bath units, 1,146 SF in size.

"Downtown Gilbert's Heritage District has become the hottest location for restaurateurs in all the Valley," states Eddie Chang, Partner at ABI, who along with Ryan Smith, Vice President, were the lead brokers representing both the Buyer and Seller. "With the lack of walkable Class A product in the area, we felt there would be tremendous demand for this property. As a condominium property, it lacked the reserves to maximize revenues so we assembled all units with 8 different owners as a win-win opportunity for both Buyer and Seller. This is a big time value-add opportunity for the Buyer, Tide Equities, with rents approximately 50% below market."

"They see Gilbert, currently ranked as the 2nd Safest City in America, as a solid performing submarket with more room for growth. Additionally, the property is the only Class A property at the footsteps of Gilbert's famed culinary and arts epicenter the Heritage District. Since 2013, the area has witnessed over $100M in both public and private investment," states Ryan Smith, Vice President with ABI.

The Buyer, Tide Equities, is a private investment company based in California.

The Seller was comprised of eight (8) individual ownership groups.

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