SoCal Trio Drops $14M on Apartment Complex

CHANDLER, AZ-Greentree Place, a 256-unit, class B apartment community, has been purchased for $13.7 million by a trio of investors from Irvine, CA looking to invest 1031 exchange money. AIH Management LLC, Golden Phoenix LLC and Lexi Management assumed a $9.6-million loan from Fannie Mae with a 6.56% interest rate. The loan terminates in 2011, according to Mark Forrester, a partner with Hendricks & Partners’ Phoenix office who represented the seller, Greentree Place Investors LLC of San Mateo, CA.

Forrester tells GlobeSt.com that Greentree Place Investors had owned the complex since 2001 and decided to sell the property to take advantage of the demand in the market. The 17-year-old complex was Greentree Place Investors’ only apartment asset in Arizona.

“Chandler is one of the more dynamic markets in our city, and the property saw quite a bit of interest,” Forrester says. “The buyers see the market here turning around. It’s starting to recover.” He adds that the buyers plan to hold the community as a long-term investment.