Resource Real Estate Inc. in Philadelphia, Pa. has entered the multi-family market in the Valley by paying $36 million ($78,431 per unit) to buy the 459-unit Springs at Gilbert Meadows apartments located at 275 W. Juniper Avenue in Gilbert.
The seller was LMREC CDO II REO XIII Inc., formed by Latitude Management Real Estate Investors Inc. in Los Angeles, Calif. (Glenn Sonnenberg, pres.). The deal was brokered by Mark Forrester, Ric Holway and Dan Cheyne of Berkadia in Phoenix.
The investment was made through Resource Real Estate Opportunity REIT Inc.a non-traded real estate investment trust sponsored by Resource Real Estate Inc. (Alan Feldman, CEO). Maricopa County records show RRE Gilbert Holdings LLC (Resource Real Estate entity) acquired the property in a cash transaction.