(To read more on the multifamily market, click here.)
PHOENIX-Four years after it acquired the 604-unit San Valiente,CalSTRS has sold it for $66.72 million in an all-cash deal with afirst-time buyer in the metro. When the dust settled, the sellerhad gained $20 million.
The class A complex, designed by Mark-Taylor Residential Inc. ofScottsdale, AZ, rose in phases in 1996 and 1999 at 2220 W. MissionLane. CalSTRS bought it in May 2002. "It was time for them tosell," explains Tyler Anderson, executive vice president for CBRichard Ellis' Phoenix office, who with Sean Cunningham representedthe seller. "They'd bought it some time ago. It earned a goodreturn for them and it was simply a good time in the market to sellit."
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