CHANDLER, AZ-Business Real Estate Weekly of Arizona reports that a company formed by PEM Real Estate Group in Scottsdale, AZ has ended its hold on the 289-unit Villamora apartments, selling the property to Acacia Capital Group in San Mateo, CA. PEM sold the property for $32.9 million.
GlobeSt.com reported in February 2007 that PEM Real Estate acquired the property at 2150 S. Arizona Ave. (known as Olive Grove Apartments at the time) for $32.4 million. At the time, the property had been slated for conversion to condominiums. Furthermore, PEM Real Estate assumed an existing loan, which expired this year.
BREW indicated that, with the Villamora purchase, Acacia Capital owns 15 apartment complexes in the metro area totaling more than 4,000 units and wants more. To read more about this transaction, click here.
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