HSL Properties spends $50.65M to buy 44 Monroe apartments in downtown Phoenix


BMonroey Business Real Estate Weekly

HSL Properties Inc. in Tucson (Humberto Lopez, principal) has added to its multi-family holdings in the Valley with the $50.65 million purchase of 44 Monroe, a 184-unit apartment tower located at 44 W. Monroe Street in downtown Phoenix.

The seller was WRT-Monroe Property L.P., formed by Winthrop Realty Trust in Boston, Ma. (NYSE:FUR, Michael Ashner, CEO).

The deal was brokered through Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix.

The buyer acquired the property with a $30 + million loan from National Bank of Arizona.

The 34-story tower, which is served by an 8-level parking garage, has 1,377 sq. ft. of ground floor retail space that is available for lease.


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