Sycamore Creek Apartments

SCOTTSDALE, AZ-Equity Residential Trust of Chicago has disposed of another metro Phoenix property, selling the 350-unit Sycamore Creek apartments to Henderson Global Investors. According to Business Real Estate Weekly, the buyer paid $37.7 million for the asset.

BREW reports that Equity Residential paid $16.2 million in 1997 to acquire Sycamore Creek, at 6599 E. Thomas Rd. On the investment side, the buy is Henderson Global’s first in the Valley in close to 11 years. Henderson Global Investors is an asset management firm with headquarters in London, England.

The deal was brokered through Brad Goff and Dave Lord of Apartment Realty Advisors in Phoenix. The buyer acquired the apartment community with $30 million in financing issued by the Industrial Development Authority of the County of Maricopa Multi-family Housing Revenue Bonds.

The sale follows just a handful of months after Equity Residential’s disposal of 1,575 units in the region. Read more about the transaction here.