Mesa – A company controlled by Lone Star Funds in Dallas, Tex. (John Grayken, chairman) paid $30 million ($77,320 per unit) to acquire the 388-unit Sonora Canyon apartments at 265 N. Gilbert Road in Mesa. The seller was ORIX University Green I LLC, a company owned by a subsidiary of ORIX USA Corp. in Dallas, Tex. (NYSE:IX). LSREF2 Oreo (Direct) LLC, a company formed by Lone Star Real Estate Fund II, paid cash for the Mesa multi-family community. Sources say the property was sold as part of a portfolio deal involving $1.2 billion of assets that the Lone Star fund is acquiring from ORIX. Word is that CBRE Capital Markets is assisting ORIX in the disposition of the group of properties, which includes apartment properties in three other states and a wide range of industrial buildings, hotels, land parcels and loans secured by real estate across the U.S. Continue reading
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