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.