By Business Real Estate Weekly
Two companies formed by Fairfield Residential Inc. in San Diego, Calif. (Chris Hashioka, pres.) paid $80.5 million (blended average of $95,606 per unit) to buy 842 apartments in two properties located near South Mountain in Phoenix. The sellers in two transactions were companies formed by The Milestone Group in New York City, N.Y. (Jeffrey Goldberg, Robert Landin, co-managing partners). The deal was brokered by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. In the larger of two sales, Fairfield Presidio SM LLC paid $57.5 million ($95,833 per unit) to acquire the 600-unit Presidio at South Mountain located at 13229 S. 48th Street. The seller was MMI II Presidio at South Mountain I LLC (entity formed by The Milestone Group). In the other sale, Fairfield Villas SM LLC paid $23 million ($95,041 per unit) to purchase the 242-unit Villas at South Mountain located at 13021 S. 48th Street.
