Seattle investor pays $68.28 million ($164,135 per unit) for Scottsdale Apartments

Scottsdale – A company formed by Pillar Communities LLC in Seattle, Wa. (Jim Almon, principal) paid $68.28 million ($164,135 per unit) to purchase the 416-unit Crown Court apartments at 7900 E. Princess Drive in Scottsdale. The seller was EQR-Fancap 2000A 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. Crown Court was built in 1987 and is adjacent to the TPC of Scottsdale golf courses. Public records show Crown Court Apartments LLC (Almon’s company) purchased Crown Court with a $47.796 million loan from NorthMarq Capital LLC in Bloomington, Minn. That CME (Capital Markets Execution) loan is guaranteed by Freddie Mac and will be sold to the federal agency. Over the years, BREW has reported companies formed by Almon buying and selling numerous apartment projects in the Phoenix area. The privately-held company is looking for more multi-family investment opportunities in the Valley. Continue reading

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May 3, 2013

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Seattle investor pays $68.28 million ($164,135 per unit) for Scottsdale Apartments

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Seattle investor pays $68.28 million ($164,135 per unit) for Scottsdale Apartments

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