Mortgage And Real Estate News

Thursday, September 13, 2012

6 Phoenix-area apartment communities sold

The Phoenix office of commercial real-estate firm CBRE said Thursday that it has brokered the sale of a portfolio of six apartment communities totaling nearly 1,750 units.

The buyer was a fund managed by New York-based DRA Advisors LLC and the Milestone Group LLC, of Dallas. The purchase price was not disclosed.

CBRE represented the seller, UDR Inc., of Highlands Ranch, Colo.

The deal included:

• Finisterra. Built in 1996, 356-units, at 1250 W. Grove Parkway, Tempe.

• Lumiere. Built in 1995, 320 units, at 1100 N. Priest Drive, Chandler. Only 248 units were acquired in the transaction.

• Residences at Stadium Village. Built in 2009, 382 units, at 16485 N. Stadium Way,Surprise.

• Sierra Canyon. Built in 2000, 236 units, at 17500 N. 67th Ave., Glendale.

• Sierra Foothills. Built in 1999, 322 units, at 13601 S. 44th St., Phoenix.

• Waterford at Peoria. Built in 2008, 200 units, at 14109 N. 83rd Ave., Peoria.

by J. Craig Anderson - Aug. 2, 2012 The Republic | azcentral.com


6 Phoenix-area apartment communities sold

Reuters: Business News

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