Business Real Estate Weekly by Rose Law Group
Tempe – A company formed by Fowler Property Acquisitions LLC in Newport Beach, Calif. (Greg Fowler, managing principal) paid a combined $23.825 million ($51,017 blended price per unit) to purchase 467 units in the Sierra Vista I and Sierra Vista II apartments in Tempe. The seller in two cash transactions were companies formed by KC Venture Group LLC in Leawood, Kan. (Ron Nolan, Paul Fingersh, principals). The seller was represented by Tyler Anderson, Sean Cunningham, Brian Smuckler and Jeff Seaman of CBRE in Phoenix. The buyer was represented by Bert Kempfert of CBRE. According to Maricopa County records, FPA4 Sierra Vista LLC (Fowler Property) paid $13.775 million ($60,417 per unit) to buy the 228-unit Sierra Vista II apartments at 615 S. Hardy Drive. The seller was Parkway Associates LLC (KC Venture Group entity). In the other sale, FPA4 Sierra Vista paid $10.05 million ($42,050 per unit) to acquire the 239-unit Sierra Vista I apartments located at 710 S. Hardy Drive. The seller was Sierra Vista Apartments LLC (KC Venture Group). Continued
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