PHOENIX—ABI Multifamily announces the sale ofSouthern Ridge, an apartment community platted as individualcondos, located in Mesa. The sellers in the transaction included 57separate ownership groups. Ranging from local investors andinvestment groups to retirees who had invested in the deeds oftrusts through retirement plans, to family trusts, some of thesesellers had been involved in multiple investments withRight Place Properties in first and second deedsof trusts.

Unfortunately, this was not the only investment project thatwent bad. The worst part of this particular situation was most ofthese folks had originally invested in these properties in theearly 2000s for the cash flow. After the downturn, they ended upwith ownership in multiple fractured condominium properties, whichwere now active rental units.

The 113-unit, garden-style community was originally built in1985. Southern Ridge sold for $6.5 million, which reflects a priceof $57,610 per unit. The sale is one of three significantmultifamily transactions brokered by ABI Multifamily within thelast week.