(To read more on the multifamily market, click here.)
MESA, AZ-Making its first acquisition in the metro, Orix RealEstate Capital Inc. has acquired the 388-unit University Green for$33 million. The new owner also will complete a $3-millionrenovation started by the Seattle-based seller.
"This is an infill property that had already undergone extensiverenovation," says Eric Wollan, senior vice president ofacquisitions for the Chicago-based buyer. Security Properties Inc.had completed two-thirds of what needed to be done on the class Basset at 265 N. Gilbert Rd. "There were some additional items theseller had contemplated doing, but it just wasn't in the originalbusiness plan," he adds.
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