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
Town Center Apartments | 22280 South 209th Way, Queen Creek, AZ 85142 | 176 Units | $33,500,000 | $190,341 Per Unit | $203.16 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – November 4, 2019: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western U.S. – is proud to announce the $33,500,000 / $190,341 Per Unit / $203.16 per SF sale of Town Center Apartments in Queen Creek, Ariz.
The transaction consists of 176 market rate garden-style units in a premier SE Valley submarket, which has quickly become an increasingly popular and growing region located outside the core of the Phoenix metropolitan area.
Town Center Apartments was built in 2009 in the Town of Queen Creek and serves as a residential anchor for the rapidly developing area. At the present time, there are 25 projects across all infrastructure and commercial development types in the 85142 ZIP Code, totaling more than $294 Million in planned expenditures.
The Class A property features an attractive unit mix of one-, two-, and three-bedroom offerings, with an average size of 937 SF. Common amenities include a free-standing property office, a business center/clubhouse, fitness center, pool, spa and shaded playgrounds, as well as barbeques, mature landscaping and both covered and open parking.
ABI Multifamily Partner Doug Lazovick, along with Senior Managing Partners Alon Shnitzer and Rue Bax, Partner Eddie Chang, and Senior Managing Partner John Kobierowski, represented both parties in the transaction.
"With Queen Creek labeled by news reports as one of the best places to live in Arizona, and the area’s impressive population growth and extremely high average household income, it's not a surprise that this assignment attracted many different buyer types,” Shnitzer said. “The pool of buyers for this property was all across the board, as the offering attracted institutional all the way to private high net worth clients, making the bidding process very competitive."
The Buyer is Geringer Capital. “The acquisition of Town Center complements our Arizona portfolio as a high quality asset in a market with strong multifamily fundamentals,” said Geringer Capital Vice President Andrew Feola.
For over twenty years, Beverly Hills-based Geringer Capital has provided investment and development management services across nine states with a focus on multifamily through its DOMUS multifamily platform. Geringer Capital clients and partners range from local, high-net worth families and individuals to international private and public funds.
The seller, Laguna Point Properties (LPP), owns and operates over 5,000 units in the Western U.S. and Florida. The Southern California-based company has grown rapidly and is led by industry veterans Greg Campbell, Dan Hick and Walt Hick. While Laguna Point is focused on the renovation of Class B and C multifamily assets in many markets, it continues to believe strongly in the long-term fundamentals of Phoenix and is always looking for new opportunities there.
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.