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Court Approves $123M Sale of Bethany MF Portfolio

PHOENIX-The court says a portfolio of seven apartment complexes in Arizona totaling 2,759 units can be sold while in receivership.

By Jennifer Duell Popovec | Updated on August 23, 2010

PHOENIX-The Arizona Superior Court ruled that a portfolio of seven apartment complexes in Arizona can be sold while in receivership. The 2,759-unit portfolio, which was purchased by The Bethany Group about five years ago, is now in escrow to Standard Portfolio, a real estate investment company, for $123 million.

The portfolio includes the 460-unit Laguna Village; the 320-unit Alante at the Islands and the 374-unit Santana Crossing in Chandler, AZ; the 432-unit Whispering Meadows and the 582-unit Tuscany Palm in Mesa, AZ; the 395-unit Sienna Springs in Phoenix; and the 196-unit Verrado Park in Glendale, AZ.

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