PHOENIX-Business Real Estate Weekly reports that a joint venture formed by Greystar Real Estate Partners LLC of Charleston, SC and Goldman Sachs & Co. have paid $108 million to close on three properties – totaling 927 units — in the metro region. The closing is the first of a larger portfolio transaction resulting in the eventual total payment of $180.3 million to acquire 1,575 multifamily units in the area. According to BREW, the JV will pay a little more than $72 million in March to acquire the other three assets.
The three multifamily properties that recently closed are
- The 429-unit Sonoran, 13625 S. 48th Dr. for $50.9 million; $38.5 million Freddie Mac loan issued by CBRE Capital Markets Inc.
- The 248-unit Bella Vista, 7810 N. 14th Place for $30 million, $23.1 million Freddie Mac loan issued by CBRE Capital Markets Inc.
- The 250-unit Sedona Ridge, 5010 E. Cheyenne Dr. for $27.1 million; $20.5 million Freddie Mac loan issued by CBRE Capital Markets Inc.
Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix brokered the transaction between the seller, Equity Residential Trust of Chicago.
The three multifamily properties still in escrow are:
- The 204-unit Heritage, 1100 E. Osborn Rd.
- The 240-unit Village at Lakewood, 15815 S. Lakewood Parkway W.
- The 204-unit Enclave, 3255 S. Dorsey Lane in Tempe, AZ.
The properties are part of a $1.5 billion portfolio deal involving 8,010 multifamily units the Greystar/Goldman partnership is acquiring in six states from Equity Residential. The other multifamily properties are in California, Colorado, Florida, New Jersey and Washington. The entire portfolio is scheduled to close by the end of Q1 2013.