By Mike Sunnucks | Rose Law Group Reporter
Pillar Communities has bought an apartment complex in downtown Phoenix for $57.5 million.
Pillar and its parent company Private Portfolio Group LLC acquired the Circa Central Avenue apartments just south of McDowell Road. The 227-unit complex includes two office suites geared toward creative tenants. The Hunt Companies, Tilton Development Co., Civitas Capital Group and Ryan Companies US Inc. developed the apartments which opened last year. They announced the sale to Pillar and PPG this week.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the sellers in the deal. “Circa Central Avenue is a top-of-the-market community with amenities that appeal directly to the fast-growing, renter-by-choice, demographic in Phoenix’s urban core,” said Matt Pesch, executive vice president with CBRE Phoenix Multifamily Institutional Properties.