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California Trust Drops $44.5M for 730 Units

PHOENIX-The Gaines Investment Trust spends $26.5 million for the 350-unit Ventana Apartments in Scottsdale and then drops another $18 million on the 380-unit Ridge Apartments--all in one day. It's the trust's first foray into the metro Phoenix market.

By Beverly Ford | Updated on January 05, 2003

PHOENIX-A California trust has entered the Valley’s multifamily market with a bang, dropping $44.5 million in one day to pick up a total of 730 units at two apartment communities in Phoenix and Scottsdale.

Gaines Investment Trust from Rancho Santa Fe, CA, spent $26.5 million for the 350-unit Ventana Apartments at 14015 N. 94th St. in Scottsdale, then dropped another $18 million to pick up the 380-unit Ridge Apartments at 40th Street and Greenway in Phoenix. Both properties closed on the same day earlier last month, Duane Jones, who brokered the Ventana deal, tells GlobeSt.com.

The pair of apartment complexes marked the trust’s first foray into the Phoenix real estate market. Both properties were about 95% occupied at sale time, the realtors said. The group presently holds a large portfolio of property in California.

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