(Read more on the multifamily market.)
PEORIA, AZ-Within months of its delivery, the 163-unit Alexan Bella Vista has been sold to a private fund from Seattle for $27.7 million. Additionally, Opus West Corp. and Trammell Crow Residential are now marketing its just-completed sister, the 240-unit Alexan Paradise Lane.
Sean Cunningham, vice chairman in CB Richard Ellis' Phoenix office, tells GlobeSt.com that James Almond, principal of PrivatePortfolio Group LLC of Seattle, had negotiated a price with the sellers before the best-and-final call for offers. He says Almond's plans for the 75%-leased complex at 7677 W. Paradise Lane are lease it up and keep it as a long-term hold.
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