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GLENDALE, AZ-An investment group from Redlands, CA has outmaneuvered five other would-be buyers to make its first acquisition in the Valley. The 112-unit, class B complex changes hands for $5.5 million.

Limited liability companies–Brook Creek I and Brook Creek II–have acquired Brook Creek Apartments, a 99%-leased development at 4937 W. Myrtle Ave., from Hamilton Brook Creek LLC of Chicago. To close the deal, the buyer assumed a $4.1-million loan from Nomura Securities International, the US lending arm for Tokyo-based Nomura Holdings Inc. The loan, maturing in 2013, has a 5.84% interest rate and interest-only payments through August, according to Bert Kempfert, a first vice president with CB Richard Ellis Inc.’s Phoenix office.

“This is a core asset–a stabilized property in a good location,” Kempfert says about the 20-year-old complex. He tells GlobeSt.com that the buyer was trading out of another smaller multifamily property in its hometown. “They believe in the future of Phoenix,” he adds.

The 4.3-acre Brook Creek Apartments has 40 one-bedroom units with 635 sf and 72 two-bedroom units ranging from 749 sf to 844 sf. Monthly rents run from $535 to $665.

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