ABI Multifamily, a multifamily brokerage and advisory services firm, announced the $40,000,000 sale of the 300-unit (of 440 total units), Signature Place Condominiums in Tempe.
The Buyer in this transaction is Western Wealth Capital, an experienced Phoenix Metro multifamily investor based in Canada.
The Seller in this transaction is Minnesota-based Mercury Investment. Mercury Investment is a national real estate investment group with interests in hotels, multifamily, office and real estate development.
The Phoenix based ABI Multifamily brokerage team of Doug Lazovick, Eddie Chang, Alon Shnitzer, John Kobierowski and Rue Bax represented both buyer and seller in this transaction.
Signature Place Condominiums sits on nearly 24-acres of land, with 48 total buildings and a dedicated leasing center/clubhouse. The property features multiple pool/spa areas, tennis court, racquetball court, putting green and tree-lined walking paths. Signature Place is a solid and highly sought after “A” class community, with 47 percent of its unit mix comprised of large 2 and 3-bedroom units, and situated in an excellent location.
Signature Place, originally built in 1996 and converted to condominiums in 2006, features spacious 1, 2 and 3-bedroom units with a weighted average size of approximately 1,000 square feet. Unit features include full-size washer/dryer (all units), above-standard ceiling heights (all units), fireplaces (most units) and direct access 1, 2 car garages (just under half of all units). ABI Multifamily represented both the Seller and Buyer in the transaction.
The property is located in the South Tempe Submarket and is only a few miles from Discovery Business Campus (where Northern Trust is bringing 1,000+ jobs), ASU Research Park and Chandler’s prestigious Price Technology Corridor dubbed the Silicon Valley of the Desert.
“The Buyer, Canada-based Western Wealth Capital, who will own nearly 2,800 units with this acquisition, was in search for an exceptional asset with upside potential. 88 percent of the units have a proven path for terrific upside in rent potential through modern interior upgrades,” said Doug Lazovick, partner at ABI.
“This is a tremendous buy for them; for starters, it’s surrounded by explosive job growth (10,000+ jobs) witnessed in North/South Tempe and the Price Corridor. Secondly, it is a rock solid garden-style community with rare direct-access 1 & 2 car garages and draws traffic from both millennials, not wanting dense urban living, and families wanting comfortable living in a picture-perfect property,” added Eddie Chang, partner at ABI.
“The Seller, Mercury Investment, has been a fixture in the Phoenix Valley multifamily market for years. Mercury has owned the ‘pride-of-ownership’ Signature Place for over a decade and delivered a meticulously maintained property with high occupancy,” Lazovich said.
