Breaking NewsGlobeSt.com will be offline for scheduled maintenance Saturday May 8 3 AM US EST to 12 PM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.