Business Real Estate Weekly by Rose Law Group
Tempe – A company formed by PASSCO Cos. LLC in Irvine, Calif. (William Passo, CEO) paid $25.85 million ($106,852 per unit) to purchase the 270-unit Monarch at Tempe apartments at 4505 S. Hardy Drive in Tempe. The seller was Monarch Greenwood Venture L.P., a limited partnership formed by Monarch Group in La Jolla, Calif. (Rodney Stone, et al., principals). The sale was brokered through Mark Forrester and Ric Holway of Berkadia Real Estate Advisors in Phoenix. Maricopa County records show PI Oat SPE LLC (Passco entity) acquired the Tempe apartments with a $20.68 million loan from KeyBank. Continued
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