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
Cabana on Mill Apartments | 5101 South Mill Avenue, Tempe, AZ 85282 | 167 Units | Built in 1972 | $19,000,000 | $113,772 Per Unit | $145.89 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ – August 15, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $19,000,000 / $113,772 Per Unit sale of Cabana on Mill Apartments located in Tempe, Arizona. Built in 1972 of block construction and renovated between 2012-2018, Cabana on Mill is a garden-style apartment community that features 167 units in 24, two-story buildings. The property rests on approximately 7.38 -acres with a unit mix that consists of (57) one bed and (110) two bed units with an average size of 780 SF. The fully gated property features two swimming pools, bike storage, laundry facilities, a ping pong table, barbeque grills, pet areas, and a business center. Future further exterior renovations will include new pool furniture, touch-up painting, updating the fitness center, refreshing the landscaping, installing a new monument sign and unit placards, installing solar screens to block out sun and keep units cooler, and installing new LED lighting throughout the Property. All units currently include fully equipped kitchens and private patios or balconies.
"The selling entity purchased the property back in 2012 and immediately began improving both the aesthetic and overall operations of the property," states Alon Shnitzer, Senior Managing Partner, who represented the selling entity in the transaction. "This is a beautiful project in a dynamic South Tempe location. In fact, the South Tempe submarket has attracted substantial institutional investor interest over the past 18 months most notably Rockwood Capital’s $76M purchase of Metropointe Apartments and TruAmerica’s $75M purchase of the Galleria Palms Apartments."
Eddie Chang, Partner, who along with Ryan Smith, Vice President, represented the buying entity states, "this is the buyer’s, Tides Equities, 14th transaction since 2016 as they continue to expand their portfolio of value-add properties in highly desirable neighborhoods. The property is near the high employment corridors of both North Tempe and a short drive to Chandler’s Price Corridor which combined have witnessed nearly 22,000 new jobs over the last several years. They plan to further expand on the improvements the seller made over the years ensuring a premier community for its residents."
The buying entity is controlled by California-based Tides Equities. Tides Equities is a leading Commercial Real Estate Investment Company focused on investments throughout the Western United States. They specialize in well located, Class-B and Core Plus multifamily real estate with high value-add upside. Tides Equities brings institutional grade acquisitions acumen and operational efficiency to the traditionally non-institutional realm of real estate.
The selling entity is a private partnership based in Phoenix, AZ
The multifamily brokerage team of Eddie Chang, Ryan Smith, Alon Shnitzer, John Kobierowski, 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, 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.