(Read more on the multifamily market.)

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GLENDALE, AZ-Abacus Capital Group LLC has continued itsinvestment in the market, paying $25 million for the Pavilions atArrowhead. The 248-unit, class B-plus asset was the seller's lastholding in the region.

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Jerry Tenge, senior vice president with Colliers International'sPhoenix office, says Wayne A. and Janis E Loftus of San Diego willlikely redeploy their gain from the sale of 7400 W. ArrowheadClubhouse Dr. into a 1031 exchange closer to home. Tengerepresented the seller along with Colliers associate Josh Hironsand senior vice president Jon Busse.

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Tenge says the listing attracted many offers in the $25-millionto $30-million range. Ultimately, the New York City-basedinvestment group's financial standing is what won the complex. "Themoney was already there and we didn't have to speculate on thefinancing side," Tenge tells GlobeSt.com.

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Tenge says occupancy is 85% at the 11-year-old complex, which isslated to undergo some upgrades. "It won't be a huge overhaul, butcosmetic upgrades," he adds. "Physically, the property is verybeautiful and there isn't a whole lot that needs fixing."

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Situated on 14.56 acres, Pavilions at Arrowhead has 13 buildingswith one- and two-bedroom units from 769 sf to 1,004 sf. Themonthly rents range from $669 to $824.

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Abacus Capital acquired Pavilions at Arrowhead less than sixmonths after it bought the 312-unit Renaissance at SouthMountain at 15251 S. 50th St. in Phoenix. Since thepurchase, it's been renamed to Arboretum at South Mountain.

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