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.

TUCSON, ARIZONA — ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $2,385,000 / $35,597 per unit sale of The Sycamore Cove Apartments located at 2458 N Sycamore Blvd. in Tucson, Arizona.

Sycamore Cove is a two story, garden-style apartment community, built in 1979, extensively renovated in 2017, which rests on approximately 1.63 acres.  The property was built of wood frame and stucco, with flat roofs.  The property boasts a mix of 67 Classic, and Renovated, Jr. One-bedroom units with a weighted average size of 400 square feet.  Sycamore Cove amenities include swimming pool, picnic area, laundry facility, fenced in dog-park and ample parking.

“Tucson, as a whole, is receiving tremendous investor interest from across the country and world for that matter,” states Alon Shnitzer, Senior Managing Partner, and lead broker for the Seller in this transaction.  “First, the region has experienced sustained job and population growth and secondly, perhaps more importantly, there is very little in the way of new multifamily construction to hamper the continued work force housing demand.”

“The Buyer, a private California-based family partnership, has been seeking to diversify its Tucson real estate holdings and this purchase will mark the buyers first multifamily purchase in Tucson,” states Jon Ibrahim, Vice President, and lead broker representing the Buyer.  “The purchase of Sycamore allows them to purchase a substantially renovated project with upside should they finish the remaining interior unit renovations.”

The Buyer is a private California-based family partnership.

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

For additional information Shnitzer can be reached at 602.714.1283, Ibrahim should be contacted at 520.265.1127 and Kippes is at 520.265.1895.

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.

ABI Multifamily Negotiates Apartment Sale to Nevada Investor

TUCSON, ARIZONA — ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $1.65 million ($35,106 per unit) sale of the combined 47-Unit  Drexel Gardens and Drexel Terrace Apartments at 1356-1360 E Drexel Road in Tucson, AZ.

Both properties are garden style apartment communities originally built in 1983/84 of frame/stucco construction and sit on 3.29-acres of land near the intersection of South Park Avenue and East Drexel Road.  The combined properties feature (29) 2-bedroom/1 bath units, (15) 2-bedroom/2 baths and (3) 3-bedroom/2 bath units with a weighted average size of 771- square-feet.

“The Buyer has purchased several properties throughout the Tucson area over the last several years,” states Jon Ibrahim, Vice President at ABI, who co-represented both the Buyer and Seller with Ryan Kippes, Vice President at ABI.  “The Drexel portfolio offers a highly desirable unit mix, in a great location with significant upside should the Buyer choose a more value-add approach to the property.”

The Buyer in this transaction is a private individual based in Nevada.

The Seller in this transaction is a private individual based in Arizona.

The ABI Multifamily brokerage team of Jonathan Ibrahim, Ryan Kippes and Lance Parsons, CCIM, represented the Buyer and Seller in this transaction.