Mesa – In continuing its buying spree of Valley real estate properties, Bridge Investment Group Partners LLC in Murray, Utah (Robert Morse, chairman) paid $38.425 million ($66,710 per unit) to acquire the 576-unit Aventerra at Dobson Ranch apartments at 1960 W. Keating Avenue in Mesa. The seller was Summit Aventerra LLC, a company formed by Summit Equity Investments in Los Angeles, Calif. (Michael Thom, Ryan Lynch, Joseph Rosen, partners). The deal was brokered through Mark Forester and Ric Holway of Hendricks-Berkadia in Phoenix. In November 2011, BREW reported the Summit Equity Investments entity paying $29.1 million ($50,521 per unit) to buy Aventerra at Dobson Ranch. The complex was built in 1980. In a sale completed Oct. 22, Maricopa County records show ROC II AZ Aventerra LLC acquired the Mesa project by assuming a $20.388 million Freddie Mac loan and with a second Freddie Mac CME and Portfolio of $5.5 million issued by Walker & Dunlop LLC in Bethesda, Md. Bridge-IGP is an investment advisory firm with $1+ billion of assets under its management. Continue reading
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