PHOENIX-Business Real Estate News of Arizona reports that Crow Holdings, headquartered in Dallas, acquired the 253-unit Pavilions on Central apartments from Pavilions Apartments II LLC, a JV consisting of local Gray Development Group and Reliant Group of San Francisco. Crow Holdings paid $46.9 million ($185,499 per unit) in the all-cash deal, making this the highest price per unit paid for a Valley apartment project.
The complex at 1 W. Campbell Ave. was completed in 2000. Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix brokered the transaction.
BREW notes that the price pad beat out the previous high paid for a Valley apartment complex, which involved Camden Property Trust's $45.7 million acquisition of the 249-unit Montierra Apartments in Scottsdale.
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