New York Life spends $50.5 million for 488 apartments in two Scottsdale projects

Scottsdale – Companies formed by New York Life Investors in San Francisco, Calif. paid $50.5 million to purchase two apartment projects in Scottsdale totaling a combined 488 units. The seller in two cash sales was a company formed by HSL Properties Inc. in Tucson (Humberto Lopez, principal). The deals were brokered through Brad Goff and Dave Lord of Apartment Realty Advisors in Phoenix. The Scottsdale properties are the first direct multi-family acquisitions in the Valley for New York Life Investors, which is a wholly-owned subsidiary of New York Life Insurance Co. Various New York Life entities have previously made loans backed by Valley apartments and the company has also had interests in Phoenix area office projects. New York Life Investors is interested in buying additional apartment properties in the Valley and other parts of the U.S. Continue reading