Phoenix, Arizona – September 30, 2016 – SVN Advisors, Chip Kloppenburg and Carrick Sears, both CCIM’s have recently closed on the $17,000,000 sale of Amber Gardens in downtown Tempe. The multifamily investments are currently in high demand and with the local rental market rents increasing by 8.2% over the last year the vacancy rates are decreasing keeping the multifamily team busy with off-market property listings all over the valley.
Desert Commercial Advisors connected both the buyer and seller in this off-market transaction. Kloppenburg and Sears both represented the buyer, WWC Holdings, LLC which is an investment group (Western Wealth Capital) from Vancouver, led by Janet LePage. The investment group currently owns over 4,000 units in the multifamily market. The transaction started back in April but there were a few challenges to overcome to make the deal possible. In order to avoid a hefty prepayment fee with the seller’s lender, the estimated close was postponed till the end of September. “We are happy that we were able to work out the financial details in favor of all the parties involved,” Kloppenburg stated.
“This property is well-located just off Mill Avenue, making it an ideal property for ASU student housing focus,” said Carrick Sears. Amber Gardens is located 625 W. 1st Street which is only a few minutes away from Tempe Beach Park and Arizona State University’s main campus. The transaction delay presented a tricky situation since this was a crucial time for ASU students returning to campus looking to rent apartments for the new school year. With 95% percent occupancy, the property also serves as a value-add opportunity for the buyer given the high demand for student housing in the downtown Tempe area.
In short, the experience of the SVN advisors and the long-time investment group were able to work diligently through the process and make it work for everyone. “There is so much opportunity for multifamily investors around the Tempe/Scottsdale area,” Kloppenburg said. “If an owner wants to sell, then we will find the buyers.”
SVN | Desert Commercial Advisors is a full-service commercial real estate services firm providing comprehensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation and market research. We specialize in multifamily, retail, office, medical/dental, and restaurant property types. Visit our website at www.svndesertcommercial.com for more information.
Media Contact: Melissa Swader