Andrew Schor, chairman of Alliance Holdings LLC in Chicago, picked up Scottsdale Greens along with 18 lushly landscaped acres at 7791 E. Osborn Rd., beating out about 10 other bidders for the property.
Tyler Anderson with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com that Schor's buying spree didn't end with his purchase of the property from the unnamed institutional seller. "On that day, he bought 33 other properties. He rolled everything into one big partnership in one day," Anderson said of Schor, who now owns about 70,000 units nationwide.
Schor was traveling and could not be reached for comment, but GlobeSt.com previously reported that Alliance Holdings and the Kuwait Finance House recently structured a $500-million fund to buy class B multifamily assets in geographically diversified markets with strong, long-term fundamentals.
The 93%-occupied Scottsdale Greens is a class A complex that fits in well with Schor's metro Phoenix portfolio, Anderson says. Alliance's Valley holdings include Newport Landing, a 480-unit upscale community at 5205 W. Thunderbird Rd. in Glendale which Alliance Holdings picked up in April in a $29.6-million cash deal.
"It was a great asset in a great location and it was free and clear so he could utilize today's low interest rates," Anderson said of Schor's latest acquisition. The gated complex has one-, two- and three-bedroom units and features tennis courts, fitness center and clubhouse and a location near the Loop 101 and many of Scottsdale's premier shopping and dining amenities. Anderson and CBRE's Sean Cunningham represented the seller while Alliance Holdings used in-house representation for the negotiations.
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