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EQR: Another Multifamily Property Gone

SCOTTSDALE, AZ-Equity Residential sells the 350-unit Sycamore Creek apartments to Henderson Global. The $38 million acquisition is the buyer's first in the metro area in close to 11 years.

By Amy Wolff Sorter | Updated on May 13, 2013

SCOTTSDALE, AZ-Equity Residential Trust of Chicago has disposed of another metro Phoenix property, selling the 350-unit Sycamore Creek apartments to Henderson Global Investors. According to Business Real Estate Weekly, the buyer paid $37.7 million for the asset.

BREW reports that Equity Residential paid $16.2 million in 1997 to acquire Sycamore Creek, at 6599 E. Thomas Rd. On the investment side, the buy is Henderson Global’s first in the Valley in close to 11 years. Henderson Global Investors is an asset management firm with headquarters in London, England.

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