PHOENIX—The Cooke Multifamily Investments Teamat Colliers International in Greater Phoenixcompleted the sale of a 2,759-unit multifamily portfoliofor $168.5 million—to date in 2014, the largest multifamilyportfolio closed in Metro Phoenix and it could hold the record forthis year.

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The size of this class A and class B Value-Add Metro PhoenixPortfolio attracted attention from investors around the world, butit was a local investor that was awarded thedeal. P.B. Bell of Scottsdale partneredwith Stonecutter of New York City to purchasethe portfolio from Standard Phoenix Fund ofArcadia, CA.

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Cindy Cooke, senior executive vice president ofColliers International, and Brad Cooke, vicepresident of Colliers International, served as the brokers for theseller. The buyer was self-represented.

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“It was P.B. Bell's in-depth knowledge of the assets andsubmarkets that helped separate them from the other buyers. We were impressed with their upfront due diligence and ability totransfer their local knowledge to their New York equitypartner. They executed the transaction smoothly and evenremoved contingencies a day early,” Cindy Cooke says.

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“Having a local company that has been imbedded in the Valley ofthe Sun since 1976 step up to make their largest acquisition evershows the strength of the current Phoenix apartment market. This portfolio of seven properties represented exactly that. The properties' strong locations with stable occupancy of 96% setit up for a perfect position for upgrading the interiors andimproving the exterior. P.B. Bell intends to use the transaction asa springboard to acquire more product.” Brad Cooke says.

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The Cooke team was hired by Standard Phoenix Fund due to theirstrong track record of closing portfolios at or above their targetprices. This is the second time the Cooke team has sold theseseven assets; the first time as part of a 12-property portfolio in2007 for $427.5 million, which is still the largestmultifamily deal ever in Phoenix.

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Five of the properties are located in the Southeast Valleysubmarket, one is located in the prestigious Camelback Corridor andone is located across from Arizona State University's WestCampus.

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