[IMGCAP(2)]The most recent of the three Phoenix multifamilydeals is 3 Street's $15.9 million acquisition of Quail Point, a264-unit, 12-building apartment complex. Perseus Realty Capitalraised $5.2 million in JV equity capital for this deal, accordingto Tom Howland, who along with Moiz Doriwala, managed thetransaction. Last year this complex traded for$15 million.
The other two acquisitions were of the Veranda, a 156-unitgarden style community on West Thomas Road and Windtree VillageApartments, a 103-unit, eight-building apartment complex. SomeraCapital Management in Santa Barbara was the equity provider for allthree deals. Prudential Mortgage Capital Co. provided the debt forthe Veranda and Windtree transactions. Freddie Mac provided thedebt for Quail Point.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
