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California Group Pays $17.4M for Its First Phoenix Deed, 248 Units

PHOENIX-The investment group from Pasadena acquires the Pinnacle at Shadow Ridge, a luxury complex just west of Squaw Peak Freeway. The buyer, says the broker, is looking for like product in the Valley.

By Beverly Ford | Updated on December 10, 2002

PHOENIX-A California investment firm has made its entry into the Phoenix market with the $17.4-million purchase of 248-unit luxury apartment community, Pinnacle at Shadow Mountain.

Robert Bruno of the Phoenix office of Hendricks & Partners tells GlobeSt.com that buyer PP Apartments Acquisitions LLC of Pasadena, CA, intends to enhance the first holding by making additional acquisitions in the greater Phoenix market. “They’re looking for similar quality, upper-tier properties,” said Bruno, who negotiated the transaction along with Mark Forrester, also of Hendricks & Partners.

Located at 3303 East Thunderbird Rd. near the corner of 32nd Street just west of the Squaw Peak Freeway, the Pinnacle at Shadow Mountain offers apartments with an average size of 1,001 sf, detached garages, gated RV/boat storage and interior features such as vaulted ceilings, washer/dryers and large patios.

The seller was TMT Pinnacle Apartments Inc. of San Francisco, CA. The complex, which was built in 1992, had an occupancy rate in the 90% range at sale time, Bruno said.

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