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
La Estrella Vista | 3065 North 67th Avenue, Phoenix, AZ 85033 | 96 Units | $13,375,000 | $139,323 Per Unit | $124.19 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – May 17, 2019: ABI Multifamily – the Western US' leading multifamily brokerage and advisory services firm – has announced the $13,375,000 / $139,323 Per Unit / $124.19 Per SF closing of La Estrella Vista Apartments in Phoenix, Arizona.
La Estrella Vista is a 96-unit garden-style apartment community near 67th Avenue and Thomas Road. Built in two phases — 2008 and 2014 — the property is separately parceled as 24 four-plexes. All units are three-bedroom/two-bath, and the average size is more than 1,120SF.
ABI Multifamily’s Alon Shnitzer, Doug Lazovick, John Kobierowski, Rue Bax and Eddie Chang represented both parties in the transaction, with Shnitzer serving as lead broker for the Buyer and Lazovick as lead for the Seller.
“La Estrella Vista Apartments marks the formal entry into Phoenix MSA multifamily ownership for the Buyer: Southern California-based Next Wave Investors,” Shnitzer said. “However, the firm is not new to Arizona multifamily, having managed many properties in the past, as well as transacting and owning several multifamily properties in the Tucson market.”
He continued, “La Estrella Vista was a unique opportunity to own an all three-bedroom community built in 2008 and 2014 that’s fewer than 100 units. We consistently have buyers ask us for inventory in this age and size range, and it simply isn’t something that’s common for Phoenix multifamily developers to build.”
"The Seller purchased the property as a REO during the downturn,” Lazovick said. “At that time, only 32 units of the project had been completed. The Seller then developed and leased-up an additional 64 units. La Estrella Vista has maintained consistently high-occupancy throughout the Seller's hold, as three-bedroom units are in short supply and high demand in the submarket
The Buyer, an entity formed through Next Wave Investors, LLC, is a private investment company based in San Clemente, CA. The firm has completed more than $150 million in acquisitions, to date, with the majority of the multifamily transactions being in the Arizona, Utah and Nevada markets.
The Seller is an Arizona-based developer.
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.