Phoenix/Chandler – In two separate and unrelated deals that recorded Oct. 31, two Valley apartment projects comprised of 626 units have sold for a combined $83.9 million. In the larger of the sales, a limited partnership formed by CBRE Global Investors LLC in Los Angeles, Calif. (Matt Khourie, CEO) paid $51 million ($151,335 per unit) to acquire the 337-unit Ninety Degrees apartments at 18440 N. 68th Street in Phoenix. Records show CPUS Ninety Degrees L.P. (CBRE Global entity) paid cash for the apartment project, which is located within the Paradise Ridge mixed-use development. The seller was PR Arete LLC, a company formed by Prudential Real Estate Investors in Chicago, Ill. The sale was negotiated by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. The escrow was handled by Diane Carpenter of Thomas Title & Escrow LLC in Scottsdale. Ninety Degrees will be managed by Riverstone Residential Group. In the other multi-family transaction, a company formed by Acacia Capital Corp. in San Mateo, Calif. (Wes Clelland, III, principal) paid $32.9 million ($113,841 per unit) to buy the 289-unit Villa Mora apartments located at 2150 S. Arizona Avenue in Chandler. The seller was PM Olive Grove Chandler LLC, a company formed by PEM Real Estate Group in Scottsdale (Paul Mashni, principal). The sale was brokered through Mark Forrester and Ric Holway of Hendricks-Berkadia in Phoenix. Continue reading
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