Washington-based investor enters valley market…pays $30.85 million for 240 units

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Phoenix – Tuscan Townhomes LLC, a company formed by Kunz Investments LLC in Liberty Lake, Wash. (Gregory Kunz, principal), paid $30.85 million ($128,542 per unit) to acquire the 240-unit located at 4221 E. Ray Road in Phoenix. The seller was EQR-Mountain Park Ranch LLC, a company formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR). The sale was negotiated through Cliff David and Steve Gebing of in Phoenix. The investment is the first in the Valley for Kunz. Sources say the Washington-based investor is interested in buying more multi-family assets in the Phoenix area. Continue Reading

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December 7, 2012

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