Mark Forrester, partner with Hendricks & Partners' Phoenix office tells GlobeSt.com that Mid-America won the 92%-leased, class A complex at 3301 E. Ray Rd. because it had one of the highest offers. In addition, the buyer was familiar to the seller. "They recently bought a property in Georgia from Trammell Crow so the seller was comfortable with the buyer," says Forrester, who teamed with Hendricks & Partners' partner Robert Bruno to represent the seller. Mid-America was self-represented in the transaction.
Situated on 17.2 acres, Alexan Lyon's Gate has one-, two- and three-bedroom apartments from 761 sf to 1,257 sf. The monthly rent is $900 to $1,230. Mid-America will manage and lease the asset, completed just last year. Forrester says Mid-America will change the name because the Alexan brand is specific to Atlanta-based Trammell Crow Residential.
"This was an outstanding buy for Mid-America," Forrester says. "This is located in the Gilbert-Chandler area in the Southeast Valley, which is growing quickly."
Mid-America also owns Talus Ranch and Sansol Apartments at Sonoran Foothills at 32615 N. Valley Pkwy. in Phoenix, which it acquired in October 2006 for $83 million. The current acquisition brings Mid-America's total holdings to 1,120 units in the metro. Forrester says that, to his knowledge, Mid-America doesn't have other assets under contract at this time.
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