Business Real Estate Weekly by Rose Law Group
Tempe – A company formed by MIG Real Estate LLC in Newport Beach, Calif. (Greg Merage, principal) paid $41.875 million ($82,108 per unit) to acquire the 510-unit Quadrangles Villiage apartments at 1255 E. University Drive in Tempe. The seller was FSC Quadrangles Associates LLC, a company formed by FSC Realty Inc. in Beverly Hills, Calif. (Stanley Fimberg, manager). The sale was negotiated through Tyler Anderson, Sean Cunningham, Asher GunterAsher Gunter Matt Pesch of CBRE in Phoenix. Maricopa County records show the buyer acquired the apartment project by assuming a Freddie Mac loan with a balance owing of $25.682 million. In March 2006, the FSC realty entity paid $43.75 million ($85,784 per unit) to purchase Quadrangles Village. The complex was built in 1987. MIG Real Estate and affiliated entities have been building a portfolio of multi-family, office and hotel properties in the Valley.