December 23, 2024 10:18 pm
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So.Cal based investor buys 385 unit Phoenix apartment project for $34.265 million

phoenix apartments

Business Real Estate Weekly by Rose Law Group

phoenix apartmentsPhoenix – A company formed by CVG Properties Inc. in Rancho Santa Fe, Calif. (Johnathan Lampitt, pres.) paid $34.265 million ($89,000 per unit) to purchase the 385-unit Villa Encanto Phoenix apartments located at 4315 E. Thunderbird Road. The seller was El Dorado Villa Encanto LLC, a company formed by El Dorado Holdings Inc. in Phoenix (Mike Ingram, chairman). The sale was brokered by Brad Goff and Dave Lord of Apartment Realty Advisors in Phoenix. The new owner has changed the name of the multi-family community to Stonebridge apartments. Maricopa County records show Stonebridge at Paradise Valley I and Stonebridge at Paradise Valley II (CVG Properties entities) acquired the apartment property with $25.7 million in financing from GS Commercial Real Estate LP, a limited partnership formed by Goldman Sachs & Co. in Irving, Tex. Continued 


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