Long-Time Owner Parts With Rock-Solid Investment

Western Wealth Capital was in search of an exceptional asset with upside potential.

TEMPE, AZ— Signature Place Condominiums is located in the south Tempe submarket and is only a few miles from Discovery Business Campus (where Northern Trust is bringing more than 1,000 jobs), ASU Research Park and Chandler’s prestigious Price Technology Corridor dubbed the Silicon Valley of the Desert. The multifamily project was originally built in 1996 and converted to condominiums in 2006. It recently sold for $40 million which translates to $133,000 per unit. The buyer is Western Wealth Capital , an experienced Phoenix Metro multifamily investor. The seller is Duluth, MN-based, Mercury Investment . Mercury Investment is a national real estate investment group with interests in hotels, multifamily, office and real estate development. 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. “The buyer, Canadian-based Western Wealth Capital, will own nearly 2,800 units with this acquisition. Western Wealth Capital was in search of an exceptional asset with upside potential and  88% of the units have a proven path for terrific upside in rent potential through modern interior upgrades,” says Lazovick. “Mercury has owned the ‘pride-of-ownership’ Signature Place for over a decade and delivered a meticulously maintained property with high occupancy.” Signature Place is a class-A class community, with 47% of its unit mix comprised of large two- and three-bedroom units, and in a desirable location. It features one-, two- and three-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 one- and two-car garages (just under half of all units). Chang tells GlobeSt.com: “Already owning two assets in Tempe, Western Wealth Capital experienced first-hand the dynamism of the Tempe market and was excited by the opportunity to acquire 300 additional class-A units with upside through interior enhancements.” Chang adds: “This is a tremendous buy for them, for starters, it’s surrounded by explosive job growth (10,000-plus jobs) witnessed in North/South Tempe and the Price Corridor. Secondly, it is a rock solid garden-style community with rare direct-access one- and two-car garages, and draws traffic from both millennials, not wanting dense urban living, and families wanting comfortable living in a picture-perfect property.” 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. Lazovick tells GlobeSt.com: “Mercury Investment, has been extremely active in multifamily acquisitions and dispositions in the Phoenix valley for years. Signature Place had been in their portfolio since 2003. With the recent uptick in demand for bulk fractured condominiums, the seller felt it was the appropriate time to execute their exit strategy on this asset.”