TEMPE, AZ – December 17, 2012 – (RealEstateRama) — An investment entity from Calgary, Canada purchased the 252-unit Fernwood Manor Apartments, 4540 S. Rural Rd. in Tempe for $17,525,000, or $69,543 per unit.
This signature multifamily complex is located in one of the most highly sought after areas in the Southeast Valley. It’s location, just south of the U.S. 60 (Superstition Fwy.) and north of a Whole Foodsanchored shopping center, offers the opportunity for infi ll development or continuing as a highly-stabilized rental property.
Petwin Capital Group of Calgary, Alberta, Canada 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 signifi cant interest and offer activity. The ownership group gravitated toward the Petwin Capital Group offer due to their track record and ability to close,” said Braun. “Last year we assisted both parties with the acquisition of the Windspring Apartments in Phoenix. Petwin executed that transaction fl awlessly 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 parklike common areas and a fi tness center. It’s location is close to many strong employment centers and tenant generators, shopping, public transit and schools.
Contact Todd Braun: 602.474.9550 tbraun (at) leearizona (dot) com
Senior Research Analyst
Public Media Relations
mdepinto (at) leearizona (dot) com