ColRich acquires Chazal Scottsdale apartments for $23 million

Scottsdale – A company formed by ColRich in San Diego, Calif. (Danny Gabriel, principal) paid $23 million ($122,340 per unit) to purchase the 188-unit Chazal Scottsdale apartments located at 1075 N. Miller Road in Scottsdale. The seller was NP Chazal Scottsdale Apartments Inc., a pension fund advised by AEW Capital Management L.P. in Boston, Mass. The sale was negotiated through Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Maricopa County records show CR Chazal Communities LLC (ColRich entity) acquired the Scottsdale apartments with a $16.773 million Fannie Mae loan issued by CBRE Multifamily Capital Inc. Chazal Scottsdale, which is just south of McDowell Road, was built in 1987. Continued

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February 11, 2014

family planning, Housing, Multi-Family, real estate, Scottsdale

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