PHOENIX-Papago Multi Venture LLC has acquired the Residences of FortyTwo 25, a 375-unit apartment community at 4225 E. McDowell Road in Phoenix, for an amount of $42 million. The apartment complex was 95% occupied at the time of sale.
San Antonio-based Embrey Partners Ltd. and the Tuckerman Group of Chicago were the sellers of the property. They built the complex in 2009. CB Richard Ellis' Sean Cunningham and Tyler Anderson negotiated the deal on behalf of both the buyer and the sellers. For the full story, go to Phoenix Business Journal .
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