ABI Multifamily is pleased to announce the $40 million ($133,000 Per Unit) sale of the 300-units (of 440 total units), Signature Place Condominiums in Tempe, AZ. 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% of the units have a proven path for terrific upside in rent potential through modern interior upgrades,” states Doug Lazovick, Partner at ABI.

Eddie Chang, Partner at ABI added “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.”

“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” according to Doug Lazovick.

The Seller in this transaction is Duluth, MN-based, Mercury Investment. Mercury Investment, a national real estate investment group with interests in hotels, multifamily, office and real estate development.

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% of its unit mix comprised of large 2 and 3-bedroom units, and situated in an excellent location.

The Buyer in this transaction is Western Wealth Capital, an experienced Phoenix Metro multifamily investor based in Canada.

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.

ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. 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.

For more information, please Contact: Doug Lazovick at 602.714.1388 or Eddie Chang at 602.714.1398

TUCSON, AZ – Pam Ruggeroli, Associate Broker with Long Realty Company, has been named 2017 president of the Tucson Association of REALTORS® (TAR). On December 1, 2016 she will succeed current president Eric Gibbs whose one-year term expires at that time.

Joining Ruggeroli as 2017 Tucson Association of REALTORS® Board Officers are:
President-elect:  Ginny Huffman of Imagine Realty Services
Vice President:  Barbara Wilson of Tierra Antigua Realty
Treasurer:  Krista Johnson of Keller Williams Southern Arizona
Immediate Past President:  Eric Gibbs

Ruggeroli became a REALTOR® in 2001 and is currently associate broker at the Tanque Verde Office (6410 E. Tanque Verde) for Long Realty Company.

Ruggeroli has earned the designations of Graduate, REALTOR® Institute (GRI) from the National Association of REALTORS®, ABR (Accredited Buyer’s Representative), and CRS (Certified Residential Specialist). She also holds the additional certifications of SFR (Short Sales and Foreclosure Resource); and RSPS (Resort & Second-Home Property Specialist).

At the local level Ruggeroli serves on various TAR committees and was named TAR REALTOR® of the Year 2015.

In 2012 she received the honor of being named Arizona’s Certified Residential Specialist (CRS) of the Year. The CRS designation is the highest credential awarded to residential sales agents, managers and brokers. Ruggeroli has served on the Certified Residential Specialists (CRS) Board of Directors and as a Regional Vice President. She is also a 2016 Arizona Association of REALTORS® Director.

Ruggeroli’s community involvement includes the American Heart Association, American Cancer Society, Angel Charity for Children, Long Realty Cares Foundation, Tucson Association of REALTORS® Charitable Foundation, Hearth Foundation, and 100+ Women Who Care Tucson. She also recently joined the Tucson Advisory Board for the Care Fund, a non-profit that raises money to pay rent and mortgage payments for families with critically ill children.

Elected to the 2017 TAR REALTOR® Board of Directors are:

Max Fisher – RE/MAX Trends
Jennie James – RE/MAX Dwell
Patricia Leahy – Russ Lyon Sotheby’s International
Robin Willis – Tucson Expert Agents
Megan Wingfield – EMS Realty

They will be joining continuing Board Members:

Ignacio “Nacho” Castro – Castro Real Estate Services
Robert Hallberg – Long Realty Company
John Mijac – Long Realty Company
Paul Olson – Vantage Point Realty
Laury Watson – Vail Realty

Steve Van De Beuken of Sunstreet Mortgage was elected as the Board’s Affiliate Member Director.

The newly elected Arizona Association of REALTORS® Quota Directors are:
Eric Gibbs – Coldwell Banker Residential Brokerage
Patricia Leahy – Russ Lyon Sotheby’s International Realty

They will join the following members as 2017 AAR Quota Directors:
Pam Ruggeroli – Long Realty Company
Ginny Huffman – Imagine Realty Services
Jerome King – Long Realty Company
Steve Redmond – Long Realty Company

PHOENIX, AZ – ORION Investment Real Estate is proud to announce the sale of the single tenant, NNN Investment property leased to Denny’s for $1,933,000 ($339/SF) at a 6% cap rate. This ±5,695 square foot freestanding building was built in 1974 and undergoing renovation in 2016. The property is alongside the I-17 Black Canyon Freeway, with approximately 202,570 vehicles passing per day. It is ideally situated in a retail and business core area. Located just across the Arizona Canal from Metro Center Mall, a super regional enclosed mall consisting of ±1.3 million square feet, the property is in a densely populated area with strong restaurant demand. This transaction was negotiated by Nick Miner, CCIM, and Andrew Harrison of ORION Investment Real Estate.

This Denny’s sale was from a large franchisee contributor that owned several franchises. Denny’s is America’s diner, where guests have come for over 60 years now to sit back, relax and enjoy delicious, hearty meals 24/7, every day of the year. The franchise was ranked #1 Family Restaurant franchise by Entrepreneur Magazine and #8 Overall franchise. Denny’s has an international footprint with restaurants in Canada, Guam, the Middle East, Japan, New Zealand, and many more, with the focus to continue expanding into the available markets.

“This was an off market opportunity that we were able to find for the Buyer, who was in a 1031 Exchange. The Seller is in the process of remodeling and re-tenanting the center behind the property,” Nick Miner, CCIM, noted. “This is a highly desirable infill area with the expanded light rail services going to Metro Center Mall, which is undergoing a major redevelopment,” Miner continued.

The property was sold by Jeff Geyser of GM Metro LLC, and purchased by Max Taylor of Max Taylor and Company, LLC.