$5M+ Deal – $13.9M sale of apartments in Phoenix

Below is a deal that closed Monday, March 23, 2015, in Maricopa County over $5 million according to the Maricopa County Recorder. The Rose Law Group Reporter has not independently verified these transactions.

$13.9 million ($49/SF) sale of the 282,653 square-foot Willow Springs Apartments on the southeast corner of 27th and Glenrosa avenues (4227 N 27th Avenue) in Phoenix, by MLCFC 2007 7 North 27th Avenue LLC, an entity of LNR Property LLC, which initially operated under the national homebuilder Lennar Corporation.

In October 1997, Lennar spun off LNR as a separately traded public company to maximize its commercial property and homebuilding businesses, according to their website.

The buyer is Resort on 27th LLC, which appears to be an entity of RCG Apartments LLC, based in Los Angeles, Calif.

The more than 400-unit apartment complex, located on 13 acres just west of Interstate 17, was built in 1986, according to the recorder’s office.

For more information, click here.

To read the affidavit, click here.

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