Scottsdale – In a $61.525 million deal ($98,283 per unit) scheduled for completion at press time, Priderock Capital Partners LLC in West Palm Beach, Fla. (George Banks, David Khoury, co-founders) was expected to acquire 626 apartment units in Scottsdale. The investment will be the first in the Valley for Priderock Capital, which has acquired, developed or managed 15,000+ multi-family units in the U.S. In two transactions, companies formed by Priderock Capital are buying the 348-unit Camellero apartments and the 278-unit Indian Bend apartments at 7979 E. Camelback Road. The sellers are companies formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR, David Neithercut, CEO). The deal was negotiated through Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix. Although the properties were developed separately and have two names, they have been operated as one community. Continue reading
As reported in:
