PHOENIX-One of the largest lender-facilitated dispositions in the southwestern US has closed: the Bethany Kingdom I Arizona portfolio, which consists of seven multifamily communities totaling 2,759 units, has sold for $133.1 million.
Standard Portfolio, a real estate investment company, acquired the portfolio from LaSalle Bank N.A. through the restructuring of the existing CMBS bonds. Several weeks ago, the Arizona Superior Court ruled the portfolio could be sold while in receivership. Hendricks & Partners was selected by the receiver, San Diego, CA-based Trigild Inc., to market the portfolio.
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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