Canadian investors from Calgary purchased the 252-unit Fernwood Manor Apartments, 4540 S. Rural Rd. in Tempe, for $17.5M.
This signature multi-family complex is located in one of the most highly sought after areas in the Southeast Valley. Its location, just south of the U.S. 60 and north of a Whole Foods-senior research analyst anchored shopping center, offers the opportunity for infill development public media relations or continuing as a highly-stabilized rental property.
Petwin Capital Group of Calgary was the buyer and Go REE, LLC of Scottsdale was the seller. Terms of the transaction were negotiated by Lee & Associates Principal, Todd Braun.
“Our marketing of Fernwood Manor produced significant interest and offer activity. The ownership group gravitated toward the Petwin Capital Group offer due to their track record and ability to close,” Braun said. “Last year we assisted both parties with the acquisition of the Windspring Apartments in Phoenix. Petwin executed that transaction flawlessly and was a major reason the seller chose them to purchase Fernwood Manor,” Braun added.
Built in 1971, Fernwood Manor has enjoyed high occupancy, oversized units and many amenities such as two swimming pools, extensive park-like common areas and a fitness center. Its location is close to many strong employment centers and tenant generators, shopping, public transit and schools.