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California Investment Group Ponies Up $41M for 360-Unit Complex

PHOENIX-Passco Real Estate Enterprises, aided by a 1031 exchange pool, pays $40.5 for Alanza Place, a 96%-occupied complex built three years ago by Trammell Crow Residential. It's the Irvine, CA company's second class A purchase in a month.

By Jennifer D. Duell | Updated on April 01, 2005

PHOENIX-Passco Real Estate Enterprises Inc., with backing from a 1031 exchange pool, has made its second multifamily acquisition in the Valley in less than 30 days, paying $40.5 million in cash for Alanza Place, formerly the Alexan Belleview.

The 360-unit Alanza Place was bought from TCR Belleview Holdings LP, a company formed by Atlanta-based Trammell Crow Residential. Mark Forrester of Hendricks & Partners’ local office brokered the sale of the three-year-old complex at 1121 N. 44th St.

According to William Winn, president of Passco Real Estate, the Phoenix metropolitan area is an attractive place to invest because of improving market fundamentals, population and job growth. “There was a lot of competition for the asset,” he tells GlobeSt.com.

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