Phoenix – A company formed by B.H. Properties in Los Angeles, Calif. (Arsalan “Steve” Gozini, principal) paid $8.1 million ($45,000 per unit) to acquire the 180-unit Papago Crossing apartments located at 4530 E. McDowell Road in Phoenix. 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 brokered by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch ofCBRE in Phoenix. B.H. Papago LLC (Gozini’s company) paid cash to buy Papago Crossing. The sellers were CAM Papago Crossing LLC (Fannie Mae – 75 percent interest) and Related Papago Crossing LLC (The Related Cos. – 25 percent interest). Continue reading
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