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MESA, AZ-Looking to buy 1,500 to 2,000 units in the next 18 months, Acacia Capital has taken its first deed, the 176-unit Gentry’s Walk Apartments. The San Mateo, CA-based investment group plans to sink $6,000 per unit into its $12.45-million acquisition.

Acacia Capital’s inroad is the Braintree, MA seller’s exit. “The seller is a Boston-based company that owned this property for 15 years and they decided to sell their only Phoenix holdings,” says Jack Hannum, vice president with CB Richard Ellis in Phoenix. He and CBRE teammates Tyler Anderson and Sean Cunningham brokered the sale of the class B complex at 1313 S. Val Vista Dr. About four months ago, the seller parted with the nearby 98-unit Val Vista Gardens at 3443 E. University Dr. for $6.65 million.

Hannum tells GlobeSt.com that Gentry’s Walk drew 18 offers during its three months on the market, with the buyer coming in with the best price. “We’re getting a lot of activity on this type of property,” Hannum explains. “I think people are looking at the potential upside in Phoenix with class B value-add opportunities.”

Hannum says Acacia Capital was taken with the upside potential. “What this buyer wanted was a great location, great construction and an opportunity to make upgrades and increase rents,” he adds, noting the buyer’s 18-month plan is to buy nearly 2,000 units in the region.

Built in 1986, the 99%-occupied Gentry’s Walk Apartments has one- and two-bedroom apartments ranging from 500 sf to 965 sf. Rents go from $499 to $699 per month. Apartment Management Consultants of Midvale, UT will lease and manage the asset.

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