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Failed Condo project is Re-Assembled

PHOENIX—ABI Multifamily announces the sale of Southern Ridge, an apartment community platted as individual condos, located in Mesa. The sellers in the transaction included 57 separate ownership groups.

By Kristian Seemeyer | Updated on November 12, 2014

PHOENIX—ABI Multifamily announces the sale of Southern Ridge, an apartment community platted as individual condos, located in Mesa. The sellers in the transaction included 57 separate ownership groups. Ranging from local investors and investment groups to retirees who had invested in the deeds of trusts through retirement plans, to family trusts, some of these sellers had been involved in multiple investments with Right Place Properties in first and second deeds of trusts.

Unfortunately, this was not the only investment project that went bad. The worst part of this particular situation was most of these folks had originally invested in these properties in the early 2000s for the cash flow. After the downturn, they ended up with ownership in multiple fractured condominium properties, which were now active rental units.

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