Business Real Estate Weekly by Rose Law Group
Chandler – In its first investment in the Valley, Oregon Pacific Investment and Development Co. in Portland, Ore. (Randy Lovre, Julie Leuvrey, co-presidents) paid $33.3 million ($132,143 per unit) to acquire the 252-unit Pinnacle Queen Creek apartments in Chandler at 800 W. Queen Creek Road. The seller was a company controlled byThe Northwestern Mutual Life Insurance Co. in Milwaukee, Wis., and Essex Property Trust Inc. in Palo Alto, Calif. (NYSE:ESS). The deal was brokered through Dave Fogler and Steve Nicoluzakis of Cassidy Turley in Phoenix. The project was developed in 1999 by Northwestern Mutual Life Insurance and BRE Properties Inc. in San Francisco, Calif. (NYSE:BRE). In April, Essex Property Trust merged with BRE Properties in a $16.2 billion deal and took over ownership of 17 apartment communities, including Pinnacle Queen Creek and two other multi-family assets in Phoenix. Maricopa County records show OPID Chandler LLC (Oregon Pacific entity) acquired Pinnacle Queen Creek with a $27.712 million Fannie Mae loan issued through CBRE Multifamily Capital Inc. in Houston, Tex. Mark-Taylor Residential of Scottsdale has been hired to manage the property. The new owner is expected to make some interior and exterior upgrades to the project. Continued
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