As we all navigate these unprecedented and challenging times, we want you to know that we are working hard to maintain effective business operations and open channels of communication with all of our clients. Fortunately, we utilize and rely on technology as the backbone of operations for ABI. Our digital systems and virtual communications capabilities have allowed us to seamlessly and efficiently transition to a mostly remote working model. We are operating with our full capabilities and continue to provide the responsive and timely feedback we are known for.
Our team remains fully committed to providing our expertise in brokerage and advisory services, and serving as a resource for all relevant data and information. We will continue to help multifamily stakeholders make sound decisions in real-time, maintain maximum performance of their investment assets, and synthesize immediate, short, and long-term goals throughout this highly unusual time.
Quite simply - WE ARE HERE FOR YOU - in the best of times and the worst of times. Our seasoned advisors have been through it all. In our business, rents and occupancy are the pillars to stability. We are tracking both and can help you stay ahead of the changes in your submarkets.
It is time to think and act fast so reach out to one of our brokers over the phone or email. At the very least, you will enjoy a good conversation during these socially distant moments. We are all in this together. Here’s to strong health and rapid resolutions to the variety of challenges we collectively face. More power to all of you!
- The Team at ABI Multifamily
Turney Place Apartments | 2019 - 2025 East Turney Avenue, Phoenix, AZ 85016 | 28 Units | $3,950,000 | $141,071 Per Unit | $196.91 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ (June 16, 2020) - ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $3,950,000 / $141,071 per Unit / $196.91 per SF sale of Turney Place Apartments, a 28-unit garden-style property in Phoenix.
Built in 1960, Turney Place Apartments presents a great future redevelopment opportunity on 2+/- gross acres of land. The apartment community consists of (13) one-bedroom / one-bathroom units, (13) two-bedroom / one-bathroom units, (1) two-bedroom / two and a half-bathroom unit, and (1) three-bedroom / two-bathroom unit. All units are individually metered for electricity.
This rare value-add opportunity is nestled in a fantastic Biltmore location. Turney Place Apartments is located approximately one mile to the famed 24th Street & Camelback intersection and walking distance to Camelback Colonnade and Town & Country. Also, there are two freeway entrances less than six blocks away that makes Downtown Phoenix or Sky Harbor International Airport less than ten minutes away.
Patrick Burch, Vice President at ABI Multifamily, commented, “Turney Place is a great value-add opportunity for our client in a fantastic location. It also included a small piece of vacant land where he plans to build a couple additional units”. He further added, “As class A projects get shelved or delayed in the current environment, our feeling is that these well located, mid-century assets will continue to be great opportunities. There is a limited supply of these older, more affordable assets in great locations, but with the right updating, they offer an amazing, much more affordable option to the more expensive, high-end new developments in the area. We really feel that this is an area of the apartment market that will be greatly insulated from the fallout of the recent economic events.”
ABI Multifamily’s Patrick Burch and John Klocek represented the buyer and seller.
The buyer is an Arizona-based private investor. The seller is an Arizona-based private investor.
ABI Multifamily (http://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.