TEMPE, AZ-Business Real Estate Weekly of Arizona reports that a partnership formed by LLJ Ventures LLC of DelMar, CA and Stratford Partners Real Estate LLC (based in San Diego) has ponied up $30.3 million to acquire Somerset Village Apartments and El Dorado Village Apartments. The seller in both transactions was TGM Associates of New York City.
The partnership paid $12 million for the 196-unit El Dorado Village at 1235 W. Baseline Rd. and $18.3 for the 276-unit Somerset Village at 5038 S. Hardy Dr. BREW reports that TGM acquired both properties in 1996.
The deal was brokered by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE. The transaction is the partners' first in the region. For more about the deal, click here.
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