PHOENIX-Ina move considered part of a marketplace trend, Waterton Associates LLC acquired the 576-unit Andante from JPMorgan Real Estate (operating under the entity name Andante Acquisition Corp.) for $61.3 million. The commercial real estate transaction is a value-add play, with the Chicago buyer planning upgrades to the multifamily property.

According to CBRE vice chairman Tyler Anderson, the 1990s-built asset at 15801 S. 48^th St. was broadly marketed, with 12 bonafide offers coming out of the mix. Anderson, who teamed with CBRE colleagues vice chairman Sean Cunningham and associate Asher Gunter, says the multifamily property attracted funds, private equity and some REITs. CBRE Capital Markets Debt & Equity Finance executive vice president Brian Eisdendrath and senior production analyst Brandon Smith arranged financing through Fannie Mae.

"This transaction was indicative of the marketplace. A lot of people are wanting to be in Phoenix, as rents are still below peak values," Anderson tells GlobeSt.com. "There's a nice-value-add component to this; it's below the market's peak values and has rent growth that's easily underwritten." Look for similar deals to close in the coming months, Anderson adds.