Phoenix/Tempe – A venture formed by Goldman Sachs & Co. in New York City, N.Y. and Greystar Real Estate Partners LLC in Charleston, S.C. (Bob Faith, CEO) is paying $180.3 million ($114,476 per unit) to buy 1,575 apartment units in the Valley as part of a $1.5 billion portfolio deal. The seller of the 27 multi-family communities are companies formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR, David Neithercut, CEO). The entire portfolio, which is scheduled to close in two separate closings by first quarter 2013, is comprised of 8,010 apartment units in six states. Of the properties, five are located in Phoenix, one complex is in Tempe and the other 21 projects, which total 6,435 units, are located in California, Colorado, Washington, Florida and New Jersey. The sales of the Valley assets are being brokered through Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix. While none of the parties involved in the deal could be reached for comment, both the Greystar and Equity Residential Trust websites have news releases that confirms the portfolio sale. Continue reading:
As reported in
