By Mike Sunnucks | Rose Law Group Reporter
Two Phoenix apartment complexes and a multifamily property in Albuquerque have sold for $201.75 million.
Salt Lake City based Bridge Investment Group has acquired the 296-unit Villages at Metro Center, 273-unit Crystal Creek apartments in Phoenix and the 216-unit Indigo Park complex in Albuquerque.
The Crystal Creek apartments are located near 10th Street and Bell Road. The Metro Center complex is located on 31st Avenue near Interstate 17.
Marcus & Millichap Institutional Property Advisors brokered the multifamily sale between Bridge and seller JB Partners.
“The combined operational strengths of the Phoenix and Albuquerque multifamily markets provide our buyer with significant upside opportunity identifiable through the implementation of a programmatic common area and apartment interior renovation,” said Steve Gebing, IPA executive managing director. Gebing and Cliff David, IPA executive managing director, worked on the deal.
The Metro Center complex was built in 1979. The Bell Road property was built in 1985 and the New Mexico complex was built in 1974.
