Scottsdale – A company formed by Henderson Global Investors in Chicago, Ill. paid $37.7 million ($107,714 per unit) to buy the 350-unit Sycamore Creek apartments at 6599 E. Thomas Road in Scottsdale. The seller was EQR-Watson General Partnership, a company formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR, David Neithercut, CEO). The deal was brokered through Brad Goff and Dave Lord of Apartment Realty Advisors in Phoenix. The buyer acquired the apartment community with $30 million in financing issued by The Industrial Development Authority of the County of Maricopa Multi-family Housing Revenue Bonds. Records show the buying entity was ML Casa V L.P., a limited partnership formed by Henderson Global Investors. The acquisition of Sycamore Creek is the first investment for Henderson Global Investors in the Valley in almost 11 years. Henderson Global Investors is an asset management firm with headquarters in London, England. The company, which is traded on the London Stock Exchange and the Australian Securities Exchange, is an investment fund manager with 65.650 million (euros) in assets under its control. Continue reading
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