(Read more on the multifamily market.)
PHOENIX-Paying a record $149.45 million, Desert Ridge HoldingsLLC has acquired a prime 269-acre property near the 110-acre,1.2-million-sf Desert Ridge Marketplace in northeast Phoenix. Thestate agency's website noted the buyer was the only bidder for theproperty on the southeast corner of 40th Street and Deer ValleyDrive.
The acquisition price equates to $555,535 per acre or $12.75 persf. The appraised value of the property established the minimum bidwhich was $149.45 million, according to the agency.
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