Search
 

Orix Shells Out $33M for 388-Unit Complex

MESA, AZ-Citing an infill location and upside, the investment group jumps at the chance to buy the 97%-leased University Green.

By Amy Wolff Sorter | Updated on January 25, 2007

(To read more on the multifamily market, click here.)

MESA, AZ-Making its first acquisition in the metro, Orix Real Estate Capital Inc. has acquired the 388-unit University Green for $33 million. The new owner also will complete a $3-million renovation started by the Seattle-based seller.

“This is an infill property that had already undergone extensive renovation,” says Eric Wollan, senior vice president of acquisitions for the Chicago-based buyer. Security Properties Inc. had completed two-thirds of what needed to be done on the class B asset at 265 N. Gilbert Rd. “There were some additional items the seller had contemplated doing, but it just wasn’t in the original business plan,” he adds.

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.