PHOENIX-Real Estate Value Advisors LLC’s $30 million REVA Catalyst Fund LLC has closed on its first acquisition, buying the 90,000-square-foot Phoenix Peak office building. The Virginia-based fund paid B units to the previous TIC owners in a transaction valued at just shy of $10 million.

Steven Sadler, managing director of Real Estate Advisors Inc., tells that the building at 7310 N. 16th St. once belonged to DBSI, an Idaho TIC investment company that ran afoul of the economic downturn and its own poor management. A loan modification on the asset was closed at the same time as the acquisition, he adds, with the former TIC owners still having a piece of the asset. In this way, he goes on to say, the B unit owners will get their payout when the market rebounds.

“In theory, and hopefully in practice, we can pull the building together and spend the money they don’t have,” Sadler explains, adding that the plan is to spend approximately $1.7 million in capital investment on the 1980s building during the next five years. “This provided a good, significant alternative for them.”

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