Search
 

SoCal Trio Drops $14M on Apartment Complex

CHANDLER, AZ-A southern California partnership takespossession of a 256-unit, class B apartment community for $13.7 million, allowing the northern California seller to exit the market after three years of ownership.

By Jennifer D. Duell | Updated on December 27, 2004

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.