(News release)
The ORION Multifamily Group of Orion Investment Real Estate is pleased to announce the closing of the 264-unit, “Class A” apartment project – Desert Harbor Apartment Homes – for $26,682,000 ($101,068 per unit). The buyer, an affiliate of Murray Hill Developments Ltd., is one of the most experienced multifamily real estate operating and development companies in Canada. “It was a true pleasure working with the seasoned group of individuals at Murray Hill Developments Ltd. Desert Harbor Apartment Homes is the perfect addition to their expanding U.S. multifamily portfolio,”stated Alon Shnitzer with the Orion Multifamily Group.
Desert Harbor Apartment was built in 2001 and is located across the street from Rio Vista Community Park and just ½ mile from the Loop 101 Freeway. Nearby is the Peoria Sports Complex, home to Major League Baseball’s Seattle Mariners and San Diego Padres spring training facility as well as Lake Pleasant, Arizona’s second largest lake.
Based in Edmonton, Alberta, Canada and established in the 1960s, Murray Hill Developments Ltd. and its affiliates are actively involved in Real Estate activities in Western Canada and the United States. The firm owns and manages quality apartment communities in Alberta, British Columbia, Arizona and California. Murray Hill Developments Ltd. developed Edmonton’s Brentwood Village, the first condominium property in Canada (registered December 20, 1967).
The seller is the nations largest multifamily REIT, Equity Residential, who acquired the property in early 2013 through a $9.1 billion dollar portfolio transaction with Archstone, which incorporated 73 total properties in the markets of Phoenix, Eastern Los Angeles County, Metro Los Angeles, San Diego, San Fernando Valley, Northern California South Bay/East Bay/San Francisco Peninsula, Seattle, Urban Boston, Manhattan, Northern New Jersey, Washington DC, Northern Virginia, Urban Atlanta, and West Palm Beach.
Alon Shnitzer, Rue Bax, John Kobierowski, Doug Lazovick, and Eddie Chang of ORION Investment Real Estate in Scottsdale represented the buyer in the transaction (www.ORIONMultifamilyGroup.com). The Orion Multifamily Group was formed to provide clients with the most comprehensive and effective brokerage experience. A seasoned group of brokers was assembled with a combined track record consisting of over two billion in sales, 1,000+ transactions and collectively over 55 years of experience. The Orion Multifamily Group provides brokerage and advisory services to Arizona multifamily owners, developers, lenders and managers.
Brad Goff and David Lord of ARA represented the seller in the transaction.
