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CHANDLER-A San Mateo, CA multifamily investment company closes a $12.7-million acquisition of the 256-unit Greentree Place Apartments near Chandler’s downtown.

Greentree Place LLC bought the 94%-occuped complex, built in 1987, from Archon Residential of Irving, TX. The apartments are located at 250 S. Elizabeth Way and carried a selling price of more than $49,000 per unit. Apartment complexes sold during the year, of that age and class, have been going for $56,073 per unit, according to a recent survey by Phoenix-based Hendricks & Partners.

The purchase was funded with a loan through the San Francisco office of Arbor Commercial Mortgage LLC, under the Fannie Mae DUS program. The 10-year loan amortizes on a 30-year schedule and carries a 6.56% interest rate.

Vincent Cardamon, Arbor vice president and senior loan officer, says Arbor is confident about Chandler multifamily project, despite some overbuilding, because of the town’s strong population growth. The economic downturn, further harmed by the terrorist unrest, has slowed development, which will help existing projects. “B and C property will weather the downtown well,” he tells GlobeSt.com. “You are not going to see too much coming out of the ground moving forward.” Class B and C apartment complexes aren’t competing with the class A properties, which are on the verge of overbuilding in the Chandler area, he says. Seller Archon also looking for a taker for its Paseo Verde Apartments, a 184-unit apartment complex at 4444 N. 7th Ave. in Phoenix.

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