Canadian investor buys Tempe condos for $40 million

Western Wealth Capital has purchased 300 units of the Signature Place Condominiums in Tempe for $40 million or $133,000 per unit, according to ABI Multifamily.

The complex was built as apartments in 1996 and converted to condominiums a decade later. 

The property is located in south Tempe a few miles from Discovery Business Campus, ASU Research Park and Chandler’s Price Technology Corridor.


“Canada-based Western Wealth Capital was in search of an exceptional asset with upside potential,” said Doug Lazovick, a partner at ABI Multifamily.   “Eighty-eight percent of the units have a proven path for terrific upside in rent potential through modern interior upgrades.”

Signature Place sits on 24 acres of land with 48 buildings and a leasing center and clubhouse.  The property features multiple pools, a tennis court, racquetball court and putting green.

The seller in this transaction was Mercury Investment, based in Duluth, Minn., which is a national real estate investment group with interests in hotels, multifamily, office and real estate development.

ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions.