To provide a high quality valuation service, inclusive to all types of businesses, organizations, agencies, and people; in an unbiased manner, delivered on time, with great customer service, and in a format tailored to the client.

Who We Are

Ajay S. Madhvani

Ajay S. Madhvani is owner of AM Valuation Services, PLLC and has been a commercial real estate appraiser since 2004. Ajay has experience in commercial property types including multi-family, industrial, retail, office, residential subdivisions, land, tribal land, self-storage, and several other types of commercial real estate. Ajay has also performed large project appraisals on tribal lands throughout the southwest United States.

His book of clients includes banks, governmental entities, attorneys, and private corporations. Ajay is an MAI, and a Certified General Appraiser in the States of Arizona, New Mexico, and Utah. Ajay is also a former Director on the Southern Arizona Chapter of the Appraisal Institute. He obtained his bachelor’s degree in Business Administration from the University of Arizona’s Eller College of Management, with majors in finance and business management.

Ajay has experience throughout the State of Arizona, with primary experience in Southern Arizona and also the Navajo Nation. Ajay is a designated member of the Appraisal Insitute (MAI) and is licensed as a Certified General Real Estate Appraiser in the States of Arizona, New Mexico, and Utah. Ajay has experience in apartments, student housing, vacant land, subdivisions, office buildings, retail buildings, service stations, industrial buildings, mobile home parks, self-storage facilities, business site leases, and special use properties. Ajay’s clients include private individuals, corporate organizations, banks, attorneys, and governmental agencies. Ajay has experience in preparation of reports for conventional lending, SBA, litigation work, eminent domain work, consultations and appraisal reviews.

State of Arizona Certified General Real Estate Appraiser, Certificate #31501
State of New Mexico Certified General Real Estate Appraiser, Certificate #02802-G
State of Utah Certified General Real Estate Appraiser, Certificate #6561803-CG00

Member of the Appraisal Institute (MAI)
Realtor, State of Arizona

2011 – Current AM Valuation Services, Owner
2004 – 2011 AXIA Real Estate Appraisers (formerly KB), as Commercial Staff Appraiser

Bachelor of Science in Business Administration with double major in Finance and Business Management, University of Arizona, Tucson, Arizona, 2003


7-hour National USPAP by the Appraisal Institute


Appraising Condos, Co-ops, and PUDs by the Appraisal Institute
Introduction to Commercial Appraisal Review by McKissock, LLC
Complex Properties: The Odd Side of Appraisal by McKissock, LLC


Cool Tools: New Technology for Real Estate Appraisers by the Appraisal Institute


Excel Applications for Valuation by the Appraisal Institute
7-hour National USPAP by the Appraisal Institute
Business Practices and Ethics by the Appraisal Institute
Fundamentals of Apartment Appraising by the Appraisal Institute


Analyzing Operating Expenses by the Appraisal Institute


7-hour National USPAP by the Appraisal Institute
Online Appraising Convenience Stores by the Appraisal Institute


7-hour National USPAP by the Appraisal Institute
Managing Appraiser Liability by McKissock


Appraisal of Assisted Living Facilities by McKissock
Uniform Appraisal Standards for Federal Land Acquisitions: Practical Applications by the Appraisal Institute


7-hour National USPAP by the Appraisal Institute
Business Practices and Ethics by the Appraisal Institute
Supervisor-Trainee Course by McKissock
Marshall & Swift Commercial Cost Approach Certification by CoreLogic

Significant Assignments

Antelope Point Marina, Page, AZ
Upscale Shopping Mall, Tucson, AZ – 83,809 SF
Class B Apartment, Tucson, AZ – 279 units
Student Housing Project, Tucson, AZ – 104 beds
Freestanding Flex Retail/Office, Tucson, AZ – 32,686 SF
Multi-tenant Industrial Buildings, Tucson, AZ – 35,460 SF
Cattle Ranch with Residences, Tombstone, AZ – 1,202 AC
Grocery Store Anchored Shopping Center, Pinetop, AZ – 110,354 SF

Clients Represented

1st Bank of Yuma
Acquisition Sciences, Ltd
Amphitheater School District
Bank 34
City of Tucson
Consultant Engineering, Inc.
CrossFirst Bank
First Citizens Bank
First Interstate Bank
Navajo Nation
OneAZ Credit Union
Pima County
Pima Federal Credit Union
Pima Unified School District
Resolution Copper Mining, LLC
Salt River Pima-Maricopa Indian Community
Sonoran Land Resources, LLC
Sunnyside Unified School District
Town of Marana
Tucson Old Pueblo Credit Union
Washington Federal
Vantage West Credit Union
Wells Fargo Bank, NA

Gustavo Armendáriz, MBA

Gustavo Armendariz is a native Tucsonan and brings more than 20 years in Financial Services Industry that includes Branch Management, Operations, Lending, and Collections. Gustavo began commercial appraisal training in June of 2022 and is in the process of taking classes and logging experience hours.

He obtained his Masters of Business Administration from Louisiana State University-Shreveport, Bachelors of Business Management from Park University-DMAFB Campus, and Associate Degrees from San Diego Mesa College and Pima Community College.

Gustavo enjoys travelling, soccer, is currently caring for a hospice dog, Mr. Darcy, and most of all, spending time with his daughter.

2022 – Present AM Valuation Services, PLLC, Commercial RE Analyst

Master of Business Administration, Louisiana State University-Shreveport, Shreveport, LA

Bachelor of Science in Business Management, Park University-DMAFB Campus, Tucson, AZ,

Associate of Arts in General Studies, Pima Community College, Tucson, AZ,

Associate of Arts in Liberal Arts-Focus on Business Studies, San Diego Community College District, San Diego, CA,


Supervisor-Trainee Course for Arizona by McKissock
Basic Appraisal Principles by McKissock

Assisted in appraisal assignments in Arizona Counties: Pima, Maricopa, Santa Cruz, Navajo, Apache, and New Mexico Counties: Bernalillo and McKinley.