ABI Multifamily Brokers 180-Unit Northeast Phoenix Multifamily Apartment Community for $48 Million

PHOENIX, ARIZONA – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $48,000,000 / $266,667 Per Unit / $421.20 Per SF sale of Ascent 1829 Apartments, a 180-unit multifamily apartment community located at 1829 East Morten Avenue, Phoenix, AZ 85020. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick facilitated the transaction.

Ascent 1829 Apartments is a 180-unit, garden-style apartment community located in prime area between the northeast and north-central submarkets of Phoenix, Arizona. The property’s convenient location provides residents with direct access to all areas of the Valley by way of the State Route 51, Loop 101, Loop 202, Interstate 17, Interstate 10, and the nearby Light Rail Transit System. In addition, there are numerous employment, dining, entertainment, and retail options in close proximity to the property including Downtown / Midtown Phoenix, the Camelback Road & Central Avenue Corridors, Biltmore Fashion Park, and the 7th Street Restaurant Corridor, one of the most popular, revitalized areas in the entire metro. Ascent 1829 is also across the street from Sumida Public Park and a short walk to the famous Pointe Hilton Resort.

Built in 1980, the property is constructed of wood frame and stucco with flat roofs, and is situated on approximately 6.0 acres, which includes excess land that can be utilized to build additional units. The unit mix consists of 32 studio units, 104 one-bedroom / one-bathroom units, and 44 two-bedroom / two-bathroom units with a weighted average of 633-square- feet. Each unit is individually metered for electricity and offers air conditioning, ceiling fans, storage area, wood-style flooring, custom accent walls, walk-in closet, patio / balcony (select units), and a full appliance package with dishwasher, garbage disposal, range / oven, refrigerator, and microwave (select units). Community amenities include a resort-style swimming pool, cabana shade structures, resident lobby, outdoor BBQ pavilion, inviting courtyards, fitness center, bike storage area, two laundry facilities, and dog park.

ABI Multifamily (https://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.



Jacob Herrington Promoted to Chief Administrative Officer at PPEP.

TUCSON, ARIZONA — Portable Practical Educational Preparation, also known as PPEP, Inc. has promotes Jacob Herrington to Chief Administrative Officer, or CAO,

Jacob Herrington COS, CMH, CMM, CFS, S.T.A.R., has been with PPEP for over twelve years. He is responsible for the property management and new construction of over 1.4 million-square-feet of properties in the PPEP portfolio, as well as continuing to grow the portfolio in his position of overseeing the financing and refinancing of these for the company.

“I look forward to continuing to add to the growth and success of PPEP, Inc. for years to come,” said Herrington. “Working to develop the current portfolio and future projects from Yuma County, Cochise County, Pima County, Maricopa County and beyond.”

PPEO is a non-profit organization in the United States that was founded in 1967 by Dr. John David Arnold. Its motto is “Dedicated to Improving the Quality of Rural Life”. PPEP is headquartered in Tucson. The organization also provides its services outside of Tucson, primarily in Arizona. PEP employs over 550 staff members and is considered southern Arizona’s 99th largest employer.

PHOTO: Jacob Herrington, CAO at Portable Practical Educational Preparation, PPEP, Inc



Quick analysis of important economic data released over the last week

By: Elliott Pollack The Monday Morning Quarterback
Everything is more expensive, and consumers are not happy about it. Inflation has now reached 7.5%, the highest it’s been in 40 years. Prices have increased across the board, led by gasoline prices, housing, automobiles, food, and clothing. Consumer sentiment has dropped, largely due to the fact that each dollar doesn’t stretch nearly as far as it used to just a short time ago. We await the Fed’s decision to increase interest rates, which by now is a foregone conclusion. Housing affordability also continues to deteriorate, both within Greater Phoenix and Greater Tucson.
Despite these headwinds, the latest forecasts are for the U.S. economy to grow at a strong rate this year and at above-average levels next year. On to the data.
U.S. Snapshot:
  • The Blue Chip Economic Indicators panel continues to project GDP growth at a sustainable pace for the next two years, following an impressive growth rate of 5.7% in 2021. The 2022 forecast declined from 3.9% to 3.7% while the 2023 forecast remained at 2.6%. The primary concerns were inflation, geopolitical conflict, and COVID.
  • The consumer price index saw its biggest annual jump in 40 years. In January, the CPI All Items index increased 7.5%. Core-inflation (a measure that removes food and energy) increased 6.0%. Last month’s increase may force the Fed to act quicker and more aggressively, as inflation remains well above their 2% target.
  • Largely in response to inflation, consumer sentiment dropped to its lowest level in a decade. While other issues continue to drag down consumer sentiment, inflation is by far the biggest reason for such a dramatic decline. The level fell 8.2% from a month ago and 19.7% from a year ago.
  • Consumer credit increased $18.9 billion in December. The increase was primarily driven by nonrevolving credit ($16.8 billion) with revolving credit only increasing $2.4 billion.
  • The Treasury budget saw its first surplus in January since September 2019.
Arizona Snapshot:
  • NAHB/Wells Fargo Housing Opportunity Index (HOI) released their fourth quarter data and the picture is not pretty for potential buyers. Affordability declined significantly again in Greater Phoenix and Greater Tucson. In Phoenix, affordability last quarter was at 44.5%, down from 51.2% in the third quarter. Tucson saw a decline from 64.8% to 58%. As a comparison, affordability across the U.S. declined from 56.6% to 54.2%.
  • The decline in affordability has been significant in Arizona’s major metros. When we look at the fourth quarter in 2015, 2019 and 2021, Phoenix saw a decline from 68.9% to 64.9% and currently sits at 44.5%. Tucson’s affordability declined from 77.2% to 71.2% and last quarter sat at 58% for the same time periods.
  • According to the latest data from the Information Market, the number of new build sales dropped 15.7% from a year earlier, while the number of resales declined 1.7%. During the same time period, the median sales price of new builds increased 20.4% and prices increased 28.4% for resales.
  • Compared to January 2019, last month’s sales activity was up 9.7% for new builds with a price increase of 34.2%. Resale activity increased 18.3%, but prices went up nearly 70%.
For more information, go to ArizonaEconomy.com