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SoCal Buyer Invests $27M in 515-Unit Complex

TEMPE, AZ-Bethany Group LLC beats out more than a dozen potential buyers, paying $26.9 million for the 95%-leased Saddle Club Apartments. The Irvine, CA buyer, getting a complex with renovated unit interiors, is now making plans to upgrade the exterior.

By Jennifer D. Duell | Updated on May 10, 2005

TEMPE, AZ-One of the largest apartment complexes in the city, the 515-unit Saddle Club Apartments, has traded hands for $26.9 million. Irvine, CA-based Bethany Group LLC acquired the class B property from Aspen Square Management LLC of West Springfield, MA.

Situated on 26 acres at 3730 S. Mill Ave., the 95%-occupied complex is within two miles of Arizona State University. The unit interiors recently underwent a multimillion-dollar renovation. “It’s very well maintained and in a good location in Tempe,” says Jim Crews, a director with Cushman & Wakefield of Arizona Inc. who partnered with Todd Braun and Brett Polachek to broker the transaction.

Crews tells GlobeSt.com that Saddle Club Apartments received more than a dozen qualified offers during its 30-day run on the market. “We had national interest, but Bethany Group emerged as the best buyer because of pricing, transaction risk and ability to perform,” he says.

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