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440-Unit Portofino Hooks $33M

PHOENIX-Crown Pacific and AEW Partners cross the finish line ahead of nine others vying for the class A Portofino Apartments. The JV spends close to $33.5 million, just a bit shy of the ask, to win its third multifamily deed this year in the metro.

By Lee Simmons | Updated on June 03, 2004

PHOENIX-Three’s company for a joint venture looking to round out its multifamily portfolio in Phoenix. The buyer recently closed its third purchase this year, shelling out $33.5 million for the 440-unit Portofino Apartments in the Lakewood master-planned community.

“The Chandler/Ahwatukee area in South Phoenix is an area where we were very interested in owning a property,” says Ed Easley, president and CEO of Crown Pacific Properties LLC in San Diego. “This particular property was right on a lake and Chandler Boulevard, which has 40,000 cars a day. It’s got great visibility and a great ambiance on the lake.”

Crown Pacific and AEW Partners IV LP of Boston bought the holding at 3830 Lakewood Parkway East from Prometheus Real Estate Group Inc. of Redwood City, CA. Due diligence and closing lasted 30 days each, according to Easley.

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