Phoenix/Mesa – Three Valley apartment communities comprised of 1,076 units have changed hands in three transactions totaling a combined $85.4 million. Two of the buyers are from No. Calif. and the other is from the state of Washington in the Pacific Northwest. All three buyers have significant track records of investing in the Valley multi-family market. The deals, which all closed late last week, are indicative of the healthy appetite apartment investors still have for buying multi-family assets in Phoenix area. While some buyers have shied away with pricing for apartment projects in the Valley having ticked up considerably in the past two years, there appears to be a steady pipeline of investors who are flush with cash and ready to throw down if the right deal surfaces. Here are the three apartment deals that closed August 29 and August 30: A company formed by Green Leaf Partners in San Ramon, Calif. paid $41 million ($96,698 per unit) to acquire the 424-unit Promontory Pointe apartments at 888 E. Clinton Street in Phoenix. The seller was a company formed by Equity Residential Trust in Chicago, Ill. (NYSE: EQR). Continue reading
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