By Business Real Est
ate Weekly
Fowler Property Acquisitions LLC in Newport Beach, Calif. (Greg Fowler, managing principal) paid $63 million ($114,130 per unit) to buy the 552-unit Pinnacle at South Mountain apartments at 5151 E. Guadalupe Road in Phoenix.
The seller was BEX Portfolio LLC, a company owned by Essex Property Trust Inc. in Palo Alto, Calif. (NYSE: ESS) as successor by merger to BRE Properties Inc. in San Francisco, Calif. (NYSE:BRE).
The deal was brokered through Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Maricopa County records show Fowler Property Acquisitions purchased Pinnacle at South Mountain in two transactions: FPA/WC Pinnacle Phase I LLC paid $40.6 million ($112,778 per unit) to acquire 360 units and FPA/WC Pinnacle Phase II LLC paid $22.4 million ($116,667per unit) to acquire 192 units.
