November 22, 2024 7:07 am
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Greystar pays #36.5 million for 328 units from Equity Residential in Scottsdale

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greystarScottsdale – A company formed by Greystar Real Estate Partners LLC in Charleston, S.C. (Bob Faith, CEO) paid $36.5 million ($111,280 per unit) to purchase the 328-unit Via Ventura apartments at 8375 E. Via de Ventura Drive in Scottsdale. The seller was EQR-Welfan 2008 Limited Partnership, formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR, David Neithercut, CEO). Records show GS Via Ventura LLC (the Greystar company) acquired Via Ventura with a $27.1 million Fannie Mae loan issued by Prudential Multifamily Mortgage LLC. The manager of the buying entity is Greystar Equity Partners VII REIT. The complex was built in 1977. With the sale of Via Ventura, companies formed by Equity Residential have now sold 4,380 apartments in 17 communities in the Valley so far in 2013. The 17 sales generated a combined $593+ million in revenue for EQR, a publicly-traded REIT (real estate investment trust). Continue reading

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