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Investcorp Exits Market With $22M Sale

GOODYEAR, AZ-Indianapolis-based Pedcor Inc. acquires the Palm Valley Apartments from Investcorp for $21.8 million. The 264-unit, garden-style apartment complex, which is located at 1891 North Litchfield Rd., was Investcorp's last asset in the Valley.

By Jennifer D. Duell | Updated on October 07, 2004

GOODYEAR, AZ-Investcorp has exited the Phoenix multifamily market with the $21.8-million sale of the Palm Valley Apartments to Indianapolis-based Pedcor Inc.

“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.

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