Phoenix – Companies formed by Greystar Real Estate Partners LLC in Charleston, S.C. (Bob Faith, CEO) and Goldman Sachs & Co. in New York City, N.Y. paid a combined $108.185 million to acquire 927 apartment units in three Phoenix communities. The purchase marks the first half of a larger portfolio deal which will result in the Greystar/Goldman venture paying $180.3 million ($114,476 per unit) to buy 1,575 apartment units in the Valley. In March, the Greystar/Goldman venture will pay $72.115 million to acquire the other three properties, which are comprised of 648 units in two communities located in Phoenix and one in Tempe. BREW reported the pending portfolio sale two weeks ago. As reported, the Valley multi-family projects are part of a $1.5 billion portfolio deal involving 8,010 apartment units that the Greystar/Goldman venture is buying in six states. The seller of the 27 multi-family communities are companies formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR, David Neithercut, CEO). Continue reading:
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