"Investcorp has been selectively putting multifamily assets on the market," says Sean Cunningham of CB Richard Ellis Inc. who marketed the Palm Valley Apartments along with Tyler Anderson. Titan RealEstate Investment Group LLC of Greenville, SC acted in an asset management capacity for Investcorp.
The Palm Valley Apartments transaction represents Investcorp's 12th property sale in 2004 for a total of $380 million.
The 264-unit, garden-style apartment complex, sitting on 15.9 acres at 1891 N. Litchfield Rd., was originally acquired by Investcorp in January 2003. The property, which was built in 1997 and 1998, consists of 235,832 sf of one-, two- and three-bedroom floor plans averaging 893 sf. Occupancy at the property is currently 97% and rents average $867 per month.
Cunningham tells GlobeSt.com that the property, which was listed at $23.6 million, received six offers before going under contract to Pedcor. "They really like the Phoenix multifamily market," he says. The new owner plans to invest $400,000 to renovate and remodel the class A complex.
The Palm Valley Apartments are Pedcor's second multifamily acquisition in the Valley. In March, the company bought Allegro Foothills Gateway for $20.2 million. "Pedcor continues to look for additional acquisition opportunities," Cunningham says.
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