ABI Multifamily Brokers $12.2M Sale of The Quails Apartments near TIA

TUCSON, Arizona  — ABI Multifamily is pleased to announce the $12.2 million ($42,361 Per Unit) sale of The Quails Apartments at 1120 E Irvington Road in Tucson, Arizona near the Tucson International Airport.

The Quails is a 288-unit, two-story, garden-style apartment community, built in 1984 and 1985, which rests on approximately 8.37 acres.  The property was built of frame and stucco, with flat and pitched roofs.  The property boasts an attractive unit mix of (60) – Studio, (196) – one-bedroom and (32) – two-bedroom unit types, with a weighted average size of 534-square-feet.

“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 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 area surrounding The Quails, located a few miles north of Tucson International Airport, has witnessed tremendous economic investment and job announcements over the last several years. Major job announcements include Raytheon (2,000 jobs), C3 Call Centers (1,100 jobs), as well as, the development and building of World View HQ’s SpacePort.

“The Buyer, an experienced California based Arizona multifamily investment firm, has been seeking to expand its Tucson multifamily footprint since entering the Tucson market in 2015.  The purchase of The Quails allows them to purchase a sizeable number of units to effectively leverage scale to enhance overall returns.  Additionally, given the submarket’s robust jobs growth and ever increasing population, rising 40%+ over the last decade, make it a very attractive investment.”

The ABI Multifamily Team of Alon Shitzer, Senior Managing Partner; Lance Parsons, CCIM, Senior Vice President and Ryan Kippes, Vice President handled the transaction.

The Buyer, Irvington Meadows, LLC was formed by a private investment firm based in Los Angeles, CA.

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

For more information, Alon Shnitzer can be reached at 602.714.1283, Lance Parsons can be called at 520.265.1945, and Ryan Kippes is at 520.265.1895.




ABI Brokers $1.85M Apartment Sale Near Downtown Tucson/UA

ABI Brokers $1.85M Apartment Sale Near Downtown Tucson/UA

TUCSON, Arizona — ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $1.85 million / $57,813 per unit sale of the 32-Unit Villa Delano Apartments at 123 West Delano Street in Tucson, AZ.

The property is a garden style apartment community originally built in 1980 of frame/stucco construction and sits on 1.4-acres of land near the intersection of Fort Lowell and Stone Ave.  Villa Delano has four, 2-story buildings featuring all 2-bedroom, 2-bath units with a weighted average size of 878-square-feet.  The property also features a community swimming pool, BBQ grill area, and laundry facility.

“The Buyer was in search of a stable asset with upside potential,” states Lance Parsons, Senior Vice President at ABI, who represented the Seller.  “The entire Downtown/University area submarket has witnessed sustained private and public investment over the last several years.  The Buyer hopes to capitalize on this growing trend.”

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

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

ABI Multifamily’s Tucson office, and the multifamily brokerage team of Lance Parsons, Jonathan Ibrahim and Ryan Kippes, represented the Seller in this transaction.

For more information, Parsons should be reached at 520.265.1945,  Ibrahim is at 520.265.1127 and Kippes can be contacted at 520.265.1895.

 




Sale of Drexel Gardens & Drexel Terrace Apartments for $1.65M in Tucson

1356-1360E Drexel Rd., Tucson, AZ

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.