PHOENIX—Buchanan Street Partners announces two acquisitions in the greater Phoenix area including Vue Park West, a 260-unit luxury apartment complex in Peoria and the 106,077-square-foot Mesa Corporate Center office complex in Mesa. The acquisitions reflect Buchanan Street's continued investment strategy in the Phoenix area, a market where the Newport Beach, Calif.-based investor has been an active buyer of value-add commercial and multifamily investments.

Buchanan Street, in partnership with Denver-based Baron Properties, paid $30 million for the Vue Park West (formerly known as Alta Park West). Buchanan was attracted to the project's current cash flow and the prospect for rent growth in the West Valley market. Completed by Wood Partners in 2008, the community has had an occupancy rate of more than 90% since 2010, outperforming submarket occupancy over the same period.

“Vue Park West is an excellent example of the caliber of core plus and value-add investments that we are making in select Western markets,” said Bob Dougherty, partner at Buchanan Street Partners. Buchanan Street has targeted California, Arizona, Nevada and Texas for investments in the $10 million to $100 million range.