May 4, 2024 6:45 am
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RECAP spends $27.2 million for 248-unit Crestone at Shadow Mountain apartment complex in Phoenix

Crestone at Shadow Mountain

Business Real Estate Weekly by Rose Law Group

Crestone at Shadow MountainPhoenix – A limited partnership formed by Real Estate Capital Partners (RECAP) in New York City, N.Y. (Karin Shewer, partner/ managing director) paid $27.2 million ($109,677 per unit) to purchase the 248-unit Crestone at Shadow Mountain apartments at 3033 E. Thunderbird Road in Phoenix. The seller was Crestone Apartments Investors LLC, a company formed by P.B. Bell Cos. in Scottsdale (Phil Bell, Chapin Bell, principals). The deal was negotiated by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. RECAP is a privately-held real estate investment advisor which has $6.7+ billion of assets under its management. Continued

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