John Kobierowski, senior managing partner at ABI Multifamily, tells GlobeSt.com, “This was a very complicated transaction. It's so much harder to put things together once they fall apart. We knew it was a really good property and the buyer hung in there. We wrote the first offer in June and didn't go under contract until October. These 57 ownership groups had originally been investors in deeds of trusts through the once very active group, Right Place Properties, a local condominium developer. When Right Place Properties became insolvent, these investors were deeded ownership in the individual condominium units. These were passive investors, who overnight became landlords. When Right Place failed, there were dozens of properties around metro Phoenix like this. Partially sold, fragmented and owned by passive investors, sometimes in trusts and retirement plans. It was very difficult to reassemble them all back into the original 113-unit property. The buyers were patient and worked through the challenges to end up with a great asset at a good price.”

Southern Ridge is an apartment community located at 214 North Gilbert Road, Mesa, Arizona. The property was built in 1985. All units are platted as individual condominiums, with upgraded, condo-style finishes, washer/dryers in each unit and individually metered for all utilities including water. All apartments include individual HVAC systems. Common area amenities include a swimming pool, leasing office, community center, covered parking, microwave ovens, and private patios/balconies.

The Phoenix based ABI Multifamily brokerage team of John Kobierowski, Alon Shnitzer, Rue Bax, Doug Lazovick, and Eddie Chang represented the buyer in this transaction. Peter TeKampe of the Phoenix office of Marcus & Millichap represented the Sellers.