Phoenix – Hudye Group Ravenwood LP., a limited partnership formed by Benedict Hudye of Scottsdale, paid $44.5 million ($173,633 per unit) to acquire the 256-unit Alta Ravenwood rental townhomes located at 647 W. Baseline Road in Tempe. The seller was Alta Ravenwood Owner LLC, a joint venture formed by Wood Partners in Marietta, Ga. (Leonard Wood, principal) and Boston Capital in Boston, Mass. The sale was negotiated by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Maricopa County records show Hudye’s company acquired Alta Ravenwood by assuming a Freddie Mac loan of $30.75 million. The commercial mortgage backed security (CMBS) was issued by Barclays Commercial Mortgage Securities LLC, Multi-Family Mortgage Pass-Through Certificates, Series 2012-K708. In August 2007, BREW reported Wood Partners paying $9 million to purchase the 28-acre site and planning to develop the multi-family community. Continue reading
As reported in:
