Tempe – A company formed by Pathfinder Partners LLC in San Diego, Calif. (Lorne Polger, principal) paid $16.485 million ($114,479 per unit) to buy the 144-unit Copper Creek apartments located at 3501 S. McClintock Drive in Tempe. The seller was Willow Creek Community Rentals L.P., a limited partnership formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR, David Neithercut, CEO). The deal was brokered through Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix. Records show PFP Tempe Real Estate Holdings LLC (the Pathfinder Partners entity) acquired the Tempe apartment project with a $13.25 million CME and Portfolio loan issued by CBRE Capital Markets Inc. in Houston, Tex. Polger says the company plans to spend $1.6 million to refurbish the Tempe apartment project, which is located near Arizona State University. Continue reading
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