Phoenix – In a deal slated to close at press time, a company formed by Bridge Investment Group Partners LLC in Murray, Utah (Robert Morse, chairman), as manager of the ROC Funds, was expected to spend $52.75 million ($109,896 per unit) to purchase The Retreat, a 480-unit multi-family community located at 20808 N. 27th Avenue in Phoenix. The seller is a company formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR, David Neithercut, CEO). The deal was brokered through Cliff David and Steve Gebing of Marcus & Millichap Real Estate Investment Services in Phoenix. The buyer is acquiring the apartment project with a Fannie Mae loan. In March, BREW reported the M&M agents hired by EQR to assist in marketing The Retreat, as well as Promontory Pointe, a 424-unit apartment complex at 888 E. Clinton Street in Phoenix. The Retreat was developed in 1997 and Promontory Pointe was built in 1984 and 1986. Promontory Pointe is under contract to be sold, but no further details are available on that deal. Continue reading
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