Glendale – A company formed by Henderson Global Investors in Chicago, Ill. paid $30.75 million ($64,063 per unit) to purchase The Coves at Newport, a 480-unit apartment project at 5205 W. Thunderbird Road in Glendale. The sellers were companies formed by Fannie Mae (Federal National Mortgage Association) in Washington, D.C. and The Related Cos. in New York City, N.Y. (Stephen Ross, chairman). The sale was negotiated by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of V in Phoenix. The sellers were CAM Coves at Newport LLC (Fannie Mae – 75 percent interest) and Related Coves at Newport LLC (The Related Cos. – 25 percent interest). The Coves at Newport was developed in two phases in 1987 and 1996. Maricopa County records show MLVI Paseo Apartments LLC (Henderson Global entity) acquired The Coves at Newport with $30 million in financing from The Industrial Development Authority of the County of Maricopa Multi-family Housing Revenue Bonds. Henderson Global Investors is an asset management firm with headquarters in London, England. Continue reading
View Larger Map
As reported in:
