(Read more on the multifamily market.)

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PHOENIX-Targeting private capital investors in the multifamilymarket, CB Richard Ellis has formed a multihousing private clientgroup in the local office. Headed up by first vice president TomMontgomery, the recently formed group will target acquisitions anddispositions for 10- to 125-unit assets.

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"The plan over the next three years is to garner between 20% and25% of the market share in this area," Montgomery tellsGlobeSt.com. He points out that $4.5 billion last year was deployedinto Phoenix complexes with 50 units or more. "I'd say that 60% ofthe multifamily transactions that take place in our market are withprivate clients versus institutional funds," he adds.

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Montgomery, who was president and CEO of Montgomery Partners LLCin Syracuse before arriving in the southwestern desert city, saysthe new operation will start closing deals in just a few months. Toget off the ground, the group has built a database with owners'names in the 10- to 150-unit bracket. Now, he says it's time tobegin chatting with owners about possible dispositions andacquisitions.

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"Through the PCG [private client group] network nationally,there is a database of 125,000 investors around the country lookingfor private capital transactions. We've identified 10,000 with aninterest in the Phoenix market," Montgomery says.

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Working with Montgomery is sales associate Chris Gonzalez, whowas recently a market analyst with Marcus & Millichap RealEstate Investment Services' Phoenix team. Rounding out the team isclient services specialist Michelle Montgomery, who also comes fromSyracuse. A sales assistant will be added in a few weeks.

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