ABI Broker’s Siegel Group’s Entrance into AZ Market with $8.3M Purchase of Legacy Suites

PHOENIX - June 12, 2015 - PRLog -- ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the sale of the Class A - 2008 Built, 355 Unit, extended stay property – Legacy Suites Casa Grande – for $8,300,000 or $23,380 Per Unit.

Legacy Suites Casa Grande was constructed by Heers Management Company, who is also The Seller in the transaction, a large developer in Arizona and throughout the Southwest.  In addition to the Casa Grande Legacy Suites, Heers built two other extended stay properties in the Phoenix market.  The property sits on approximately 8 acres of land, with 10 total buildings and a dedicated leasing center.

“This was The Siegel Group's first acquisition in the Arizona market and were excited to acquire the Legacy Suites property due to its close proximity to the PhoenixMart construction site and they wanted to capitalize on the current momentum in Casa Grande,” states Rue Bax, Senior Managing Partner at ABI and one of the lead brokers for this transaction.

The property is ideally located and offers excellent access to I-8 and I-10 freeways, as well as, Florence Blvd, one of Casa Grande’s main thoroughfares.  In addition to location, the property has been meticulously maintained and offers guests large studio rooms featuring fully furnished kitchenettes, built-in cabinets, and two-burner range top with hood, as well as, clothes alcove and dressers for added storage.  Common areas of the property include: 20 laundry rooms, two swimming pools (one designated for children and one designated for adults that includes a spa), grass courtyards and barbeque grill areas with ramadas.

Siegel intends to rebrand the community as Siegel Suites Select Casa Grande -  www.siegelsuitesselect.com

The Buyer, The Siegel Group, based in Las Vegas, NV, is an experienced multifamily/hospitality investor with thousands of units in the Nevada market.

The Seller, Heers Management Company, based in Phoenix, AZ, is an experienced multifamily developer and investor.

The Phoenix based ABI Multifamily brokerage team of Rue Bax, Alon Shnitzer, Eddie Chang, John Kobierowski, and Doug Lazovick represented the seller in the transaction.

Auction.com represented the Buyer.

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