$28 million sale of Midtown on Seneca Townhomes in Tucson marks 102nd deal of the yearPHOENIX ARIZONA -- ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., with offices in Phoenix, Tucson, San Diego, and Las Vegas, has closed 102 total transactions thus far this year. Total sales volume for transactions, which include both multifamily and land deals, totals over $740 million and 2,867 units.The most recent deal to close on August 8 was the $28 million / $159,091 Per Unit / $197.21 per square foot sale of Midtown on Seneca Townhomes, a 176-unit multifamily apartment community located in Tucson, Arizona. ABI Multifamily's Phoenix-based Institutional Apartment Group - Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller in this transaction. The buyer is based in Washington D.C. and the seller is based in California.
“Multifamily continues to be a strong investment this year,” says ABI Multifamily President and CEO John Kobierowski. “And while the frenzied pace may have slowed to more normal levels, we are continuing to see healthy activity across the Southwest.”
ABI Multifamily recently expanded its national presence, opening a fourth office in Las Vegas and bringing on established multifamily broker Jason Dittenber as senior vice president.
“The economy has certainly kept everyone on their toes recently,” says Kobierowski. “However the fundamentals are strong, with continued job growth, population growth, and rent growth. It is still a very good time to invest in multifamily, particularly in the Sun Belt states.”
According to the ABI Multifamily Q2 Snap Stats report, rent growth continued to show strong gains, with a 19% year over year increase.ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Las Vegas, 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.