Phoenix, Arizona — ABI Multifamily is pleased to announce the $4,350,000 / $189,130 Per Unit sale of the Arcadia Edge Apartments, a 23-unit apartment community located in Phoenix, Arizona.

The property is a single-story apartment community, built of solid block construction and comprised of nine separate buildings built in 1967 and extensively renovated in 2017.  The property features all (23) 2bed/1-bath units with an average size of 803-square-feet.  Each unit is individually metered for electricity and each has an individual backyard.

“The buyer was attracted to the strong unit mix, property renovations, stabilized rents and the ArcadiaLite location.” states Royce Munroe, Vice President at ABI who represented both the Seller and the Buyer.

The Seller was a private investor based in Arizona.

The Buyer was a private investor based in California.

The Phoenix based ABI Multifamily brokerage team of Royce Munroe, Ryan Smith, John Klocek, Patrick Burch and Nathan Bruer represented the Buyer and Seller in this transaction.

TUCSON, ARIZONA — ABI Multifamily is pleased to announce the $2.6 million / $43,333 per unit sale of the Skyline Park Apartments located in Tucson, Arizona.  Completed in 1985, Skyline Park is a two story, garden-style apartment community that features 60 total units in 3 rental buildings, constructed of block and wood frame/stucco.  The property has flat roofs and rests on approximately 1.84-acres.  The unit mix consists of 36 one-bedroom / one-bathroom units, and 24 two-bedroom / one-bathroom units, with a weighted average size of 560-square-feet.  Skyline is individually metered for electricity with individual HVAC units throughout the entire property.  Outside storage, semi-private entry and private balcony/patio areas are available, with high ceilings in select units. This community also provides its residents with an overhauled swimming pool, newly installed children’s play area with a shade structure, dedicated leasing office, laundry facilities, and ample parking.  In addition to the many common area and exterior capital improvements throughout the property, nearly 90-percent of the property’s interiors also received enhancements.

“We’re always excited to help facilitate lasting and fruitful relationships between our clients,” states Alon Shnitzer, Senior Managing Partner at ABI, lead broker involved with both the Seller and Buyer.  “Alpha Wave Investors has become one of the top value-add players in the Tucson market for implementing effective repositioning and renovation campaigns that usually lead to increased property values, while simultaneously providing more turn-key investment opportunities to the new owner.  The repeat buyer will have an opportunity to experience the benefits of most of the heavy lifting on the renovation side being complete. The Tucson MSA is experiencing a surge in value-add investments because of limited new supply and continued population and jobs growth.”

The Buyer, and entity form through Ennabe Properties, Inc., is a private investment company based out of Los Angeles, CA.

The Seller, and entity formed through Alpha Wave Investors, is a private investment company based in Laguna Hills, CA.

The multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang identified the Buyer and facilitated the introduction between both Seller and Buyer in this transaction.

To learn more, see RED Comp #5697.

TUCSON, AZ — ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $10,550,000 / $95,909 per unit sale of the Orange Tree Village Apartments located at 645 W Orange Grove Rd. in Tucson, Arizona.  Orange Tree Village is a lower density one and two story, townhome-style apartment community, which was completed in 1981.  The property was built of wood frame and stucco, with pitched tile roofs.  The property boasts an attractive mix of (20) 1-bedroom, (66) 2-bedroom and (24) 3-bedroom unit types with a weighted average size of 1,274-square-feet and all units offer private entries and backyards.  In addition, all units are individually metered for electricity and contain individual hot water heaters.

“This property met all of the buyers’ investment criteria,” states Alon Shnitzer, Senior Managing Partner, and lead broker for the buyer, Alpha Wave Investors, in this transaction. “Alpha Wave is an experienced opportunistic, value add investor who has aggressively pursued opportunities in Tucson.  The buyer plans to invest over $2 million in capital upgrades, including new paint, roofing, fitness center, children’s playground, dog-park, upgraded pool and clubhouse and numerous interior unit renovations. Given Tucson’s job and population growth demand drivers and significant lack of new construction, the city has and will continue to be in high demand for quality rental housing.”

“The seller was a private Texas-based investor who developed the property back in the early 80’s,” states Jon Ibrahim, Vice President with ABI, and lead broker for the seller. “It is very rare to find a seller that has held a property this long and especially on a property that has this many unique and favorable characteristics.”

The seller is a private Texas-based investor and original developer of the property.

The buyer, an entity formed through Alpha Wave Investors, LLC, is a private investment company based in Laguna Hills, CA.

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 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.

To learn more, see RED Comp #5646.