(To read more on the multifamily market, click here.)
PHOENIX-A Tempe, AZ investor has sold two assets, collecting atotal of close to $11 million with the transactions. Mesa, AZ-basedDesert Sunshine LLC has acquired the 214-unit Entrada/PradoApartments for $8.9 million, while Phoenix's B&L Investments ofArizona LLC plunked down $1.29 million for 2.5 acres, the futuresite of the Ninth Street Lofts condominiums.
Investors O'Carroll-Leavitt opted to sell the assets because ofinvolvement with other projects. "We'd owned the Entrada Apartmentsfor a year and a month, with the goal to stabilize it," says SeanO'Carroll, principal with O'Carroll-Leavitt.
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