PHOENIX-Business Real Estate Weekly of Arizona reports that CBRE Global Investors LLC spent $51 million to make its first buy in the metro area. The Los Angeles buyer struck a deal with Chicago-based Prudential Real Estate Investors to acquire the 337-unit Ninety Degrees apartments.
The property at 18440 N. 68th St. was built in 2009 by Gray Development Group. However, due to the financial fallout, Prudential initiated foreclosure proceedings against the owners after acquiring a note secured by Ninety Degrees and the nearby 204-unit Barossa Paradise Ridge apartments (also built by Gray Development). Also foreclosed upon was 5.8 acres on 68th Street and properties in Peoria, AZ; the 246-unit Visions-Serenity (once known as Barossa at Trianna) and Visions-Energy (which, at the time, was the 485-unit first phase of Indigo at Trianna).
BREW reports that CBRE is marketing Barossa Paradise Ridge and the land parcel. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE negotiated the Ninety Degrees transaction. The complex will be managed by Riverstone Residential Group.
Read more about the transaction here.
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