(Read more on the multifamily market.)
TEMPE, AZ-The 466-unit Rio Salado, part of a 2,434-unit portfoliobrought to market in June, has been sold to JPMorgan Chase &Co. for $84.7 million. In turn, Trillium Residential LLC has pulledthe remaining high-end assets, many unfinished, off the market.
Tyler Anderson, vice chairman for CB Richard Ellis in Phoenix,says there were pre-sale offers for the other complexes as well asRio Salado at 1033 N. Parkside Dr. "Due to the capital markets, itreally impacted the pricing negatively on the other projects," hetells GlobeSt.com. "The market has changed to a more fundamentalone, which is demanding stabilized properties." As a result, theTempe-based developer plans to sell the remaining assets asone-offs as they come on line and are stabilized.
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