MESA, AZ-Business Real Estate Weekly reports that Bridge Investment Group Partners LLC in Murray, UT has paid $38.4 million to acquire the 576-unit Aventerra at Dobson Ranch. The buyer struck the deal with seller Summit Equity Investments of Los Angeles.
BREW notes that the seller acquired the property at 1960 W. Keating Ave. in late 2011 for $29 million. Mark Forrester and Ric Holway of Hendricks-Berkadia brokered the most recent transaction.
The buyer is working on its second US real estate opportunity capital fund, which has more than $482 million in equity commitments. Bridge Investment Group is no stranger to the Phoenix area; so far in 2013, the company has paid $129.6 million to acquire 1,655 units in the area.
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