New player drops $30.3 million for 472 apartments in two Tempe projects

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tempeTempe – Companies formed by LLJ Ventures LLC in Del Mar, Calif. (Leonardo Simpser, Luis Maizel, Jack Maizel, managers) and Stratford Partners Real Estate LLC in San Diego, Calif. (Andrew Crews, Jesse Wilson, managers) paid $30.3 million ($64,195 per unit) to purchase 472 apartments in two apartment projects in Tempe. The seller in both transactions were companies formed by TGM Associates in New York City, N.Y. (Thomas Gochberg, principal). The deal was brokered by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix. The investment is the first in the Phoenix area for the So. Calif.-based investors. Sources say the LLJ/Stratford venture is interested in pursuing additional multi-family investments in the Valley. Luis Maizel and Simpser are co-founders of Hispanic National Mortgage Association (HNMA), a San Diego-based company that provides mortgage lending for Hispanic and other minority homeowners. Luis Maizel is also co-founder and senior managing director of LM Capital Group LLC, a San Diego-based investment advisory firm targeting large institutional investors and pension funds. Continue reading

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