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GLENDALE, AZ-Evergreen Development is making a move on Arizona’s apartment market in a big way, adding a fourth property to the portfolio in a $34.6-million, off-market deal. In the past two years, the Pasadena, CA-based pension fund advisory group has picked up three multifamily properties in the metro.

“It’s a class A property,” Bert Kempfert with CB Richard Ellis Inc.’s Phoenix office tells GlobeSt.com of the firm’s latest acquisition, the 408-unit Indigo Creek Apartments.

The off-market deal, sealed with seller SSR Realty Advisors of San Francisco, bought the new owner a 384,012-sf complex brimming with luxury amenities and a tenant base that keeps the one- to three-bedroom units filled to about 95% occupancy at rents ranging from $750 and $1,100 per month, Kempfert says.

For the California seller, the deal reaped a nifty profit of nearly $5 million on a four-year hold. The former owner purchased the Glendale complex, located at 14211 N. 51st Ave., for $29.4 million in March 1999 from Gray Development of Phoenix and turned it over when Evergreen made the unsolicited offer. The deal was crafted with an equity structure that pooled exchange money from a number of buyers who received an interest in the property based on their investments, Kempfert says. The tenant-in-common structure gave smaller investors a chance to move up to larger properties and offered better liquidity, he adds.

The acquisition was the second in Phoenix in six months for Evergreen, which took over the three-year-old, 131-unit Lexington on Central at 10 West Minnezona Ave. in a $12.6-million transaction with seller Central Avenue Apartments LP. The investment group also owns the Pinnacle at Shadow Mountain, a 248-unit complex at 3033 E. Thunderbird Rd. in Phoenix, which it purchased in October 2002 for $17.4 million, and the 240-unit Indigo Springs in Mesa, bought in August of that same year for $18.5 million.

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