Press Release | ABI Completes $11.6M Scottsdale Sale for Canada-based Western Wealth Capital

11 Sep 2018

ABI Press Releases, Arizona, Doug Lazovick, Eddie Chang, multifamily investment sale, Nathan Bruer, Old Town Scottsdale, Phoenix Metro, Phoenix MSA, Scottsdale Hacienda Condominiums, Western Wealth Capital

ABI Completes $11.6M Scottsdale Sale for Canada based Western Wealth Capital

Phoenix, AZ – September 11, 2018 – ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $11,600,000 / $146,835 Per Unit bulk condominium sale of Scottsdale Haciendas, located in Scottsdale, Arizona. Built in 1985, Scottsdale Haciendas is a two story, garden-style condominium community that features 79 units of 180, in seventeen rental buildings constructed of wood frame and stucco.

“The property is ideally located in the South Scottsdale Submarket, nearby ASU’s Skysong Center and just minutes from Old Town Scottsdale and Arizona State University’s main campus in Tempe,” states Doug Lazovick, Partner, who along with Eddie Chang, Partner represented the Seller. “The Scottsdale location, all 2 Bedroom unit mix and 1,000+ square foot average unit size makes this garden-style development a tremendously valuable asset. The Seller, Western Wealth Capital, did an excellent job executing their business plan of renovating units which gives the Buyer a proven roadmap to add additional value “

Nathan Bruer, Vice President, represented the Buyer. “The North Tempe/South Scottsdale Submarkets have been the beneficiary of some major capital development and infrastructure projects recently. Combined with the some 10,000+ new jobs that have been announced over the last several years, the Buyer jumped on an opportunity to invest one of the preeminent locations in the Phoenix Valley.”

The property has flat and pitched shingle roofs and rests on approximately 7.98-acres. The unit mix consists of (45) two bed/ two bath units and (34) two bed/ two and a half bath units with an average size of 1,003 SF. Interior amenities include granite countertops, all electric kitchen appliances, washer and dryer in-unit, skylights, hardwood/tile/carpeted flooring, extra storage, vaulted ceilings and a balcony. This condominium community also provides its residents with two swimming pools, private garages, barbecue area, and pet waste stations. The location of the property rests just minutes away from the luxurious Scottsdale Fashion Square, Camelback Mountain, and Phoenix Zoo.

The buyer is an Arizona-based private investor.

The seller is Canada-based, Western Wealth Capital. With over 20 years of experience, the Western Wealth Capital team has completed over 85 projects and helped individuals invest over $1,500,000,000 in real estate. By providing top quality investment properties in high growth markets, WWC has become an industry leader in Western North America.

The multifamily brokerage team of Eddie Chang, Doug Lazovick, Nathan Bruer, John Kobierowski, Alon Shnitzer and Rue Bax represented both the Buyer and Seller in this transaction.

ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.