Tempe – A joint venture formed by Finesa Real Estate Group in Rockville, Md. (Andres Gonzalez, pres.) and Phoenix-based Alliance Residential Co. (Bruce Ward, Bob Hutt, Jay Hiemenz, partners) paid $14.75 million ($175,595 per unit) to buy 84 units within the 90-unit Dorsey Place Condominiums at 1275 E. University Drive in Tempe. The seller was Pathfinder Stratford Dorsey Condominiums LLC. That company was formed by a venture including Pathfinder Partners LLC (Lorne Polger, principal) and Stratford Partners Real Estate LLC (Jesse Wilson, principal), both of San Diego, Calif. The deal was brokered by Jack Hannum, Bret Zinn and John Drowns of Transwestern in Phoenix. Records show Dorsey DIP-Alliance LLC (the Finesa/Alliance entity) paid cash for the Tempe multi-family community. Alliance Residential is a well known apartment development and investment company in the Valley. BREW has reported Alliance Residential developing, buying and selling numerous multi-family properties in the Phoenix area. To the contrary, the Tempe deal is the first investment in the Valley for Finesa. The private equity real estate firm specializes in the acquisition, redevelopment and management of commercial properties. Continue reading
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