Canadian Investors Ante Up $17.5M For Tempe Apartments
RealEstateRama   -   Real Estate   -   Government   -   Nonprofit   -   Web

Canadian Investors Ante Up $17.5M For Tempe Apartments

-

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

Contact:
Matt DePinto
Senior Research Analyst
Public Media Relations
ph: 602.474.9512
mdepinto (at) leearizona (dot) com
www.leearizona.com

SHARE

Arizona RealEstateRama is an Internet based Real Estate News and Press Release distributor chanel of RealEstateRama for Arizona Real Estate publishing community.

RealEstateRama staff editor manage to selection and verify the real estate news for State of Arizona.

Contact:

Previous articleGPE Announces 7 New Commercial Transactions
Next articleElizabeth Arden Spas Sets Up Offi ce in Downtown Tempe With 11-Year Lease