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Fairfield Spends $13M for Class B Complex

TEMPE, AZ-The San Diego-based Fairfield Residential puts up $13.2 million for the 247-unit Pinnacle Grove complex, with location as its chief selling point. Fairfield assumes existing bond financing for a 93%-leased complex with a 6% cap rate.

By Jennifer D. Duell | Updated on October 21, 2004

TEMPE, AZ-Fairfield Residential is expanding its presence in the Phoenix Valley with the $13.2-million acquisition of Pinnacle Grove, a 247-unit apartment community trading at a 6% cap rate.

The San Diego-based Fairfield assumed the existing bond financing for the complex at 701 W. Grove Pkwy., says Tyler Anderson, an executive vice president with CB Richard Ellis Inc. “This is a solid class B asset in a solid market,” he says, adding the company buys assets with the intention of selling down the road.

Pinnacle Grove is located in south Tempe, which has significant barriers to entry for future multifamily development. Moreover, it is close to Interstate 10 and Sky Harbor International Airport and just minutes from major retail trades areas, including the Grove.

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