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SoCal TIC Buyer Takes 160-Unit Multifamily Asset for $15M

GLENDALE, AZ-RK Multifamily Income Fund XV LLC outbids nine other prospective buyers with a $14.6-million offer for the 160-unit Laguna at Arrowhead Ranch. The 92%-leased complex also garners two backup offers.

By Jennifer D. Duell | Updated on March 08, 2005

GLENDALE, AZ-The 92%-leased Laguna at Arrowhead Ranch has changed hands for $14.6 million or about $50,000 more than the list price thanks to a bidding face-off by 10 prospective buyers.

A TIC buyer from Long Beach, CA made up of 14 investors, nabbed the 160-unit complex at 20251 N. 75th Ave. as two other buyers with higher offers waited in the background, Bob Bruno, a partner with Hendricks & Partners’ Phoenix office, tells GlobeSt.com. “It was a nice asset in a great location and people liked it so much that there were backup offers on the property at a higher price,” says Bruno, who partnered with the firm’s Mark Forrester to broker the sale. “The buyer was the high offer at the time.”

RK Multifamily Income Fund XV LLC purchased the property from Laguna at Arrowhead Ranch Apartments LLC, a company managed by PB Bell Cos. of Scottsdale. The complex, built by PB Bell in 1998, is the second multifamily property that the TIC’s acquired in Arizona, according to Rick Summers, vice president of acquisitions for RK Multifamily Income Fund.

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