Crow Holdings buying Tempe apartments in $47+ million deal

Business Real Estate Weekly by Rose Law Group

Tempe – In a deal set to close at press time, Crow Holdings in Dallas, Tex. (Harlan Crow, et al., directors) is expected to pay just over $47 million ($115,319 per unit) to acquire the 408-unit Grigio Metro Tempe apartments at 1811 E. Apache Boulevard. The seller is CJUF III Grigio Metro LLC, a company formed by Gray Development Group in Phoenix (Bruce Gray, principal) and Canyon Johnson Urban Funds in Los Angeles, Calif. The deal was brokered through John Cunningham and Charles Steele of Jones Lang LaSalle in Phoenix. The 4.81-acre parcel underneath the multi-family community is held by the City of Tempe through a GPLET (Government Property Lease Excise Tax). The Gray/Canyon Johnson venture developed the Grigio Metro apartments in 2010. Continued

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August 21, 2014

family planning, Housing, Multi-Family, real estate

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