Chandler – Investor Robert Fransway from the Milwaukee area of Wisconsin has relocated to Scottsdale and is looking to build a real estate portfolio of apartment projects in the Valley. Initially, San Palmas LLC (Fransway’s company) paid $33.6 million ($140,000 per unit) to purchase the 240-unit San Palmas apartments located at 1111 N. Mission Park Boulevard in Chandler. The seller was Teachers Insurance And Annuity Association of America (TIAA) in New York City, N.Y. The buyer was represented through Dixie Hall of CBRE in San Diego, Calif. Records show the buyer acquired the multi-family community with a $20.178 million loan from Transamerica Life Insurance Co. The gated complex was developed in 1998 by Mark-Taylor Residential in Scottsdale. In June 2006, TIAA paid $34.85 million ($145,208 per unit) to purchase San Palmas from Mark-Taylor. Continue reading:
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