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CHANDLER, AZ-A limited liability company from Scottsdale, AZ has added the 256-unit Greentree Place Apartments to its portfolio, planning a renovation to add to its upside potential. The buyer, planning a long-term hold, has paid $22.75 million for the class B-plus asset.

PEM Investments LLC acquired the 20-year-old complex at 250 S. Elizabeth Circle from Lexi Management LLC, AIH Management LLC and Golden Phoenix LLC of Irvine and Newport Beach, CA. “There were three partners, whose goal was to reposition and sell this at some point,” says Mark Forrester of Hendricks & Partners’ Phoenix office, who brokered the transaction.

Forrester tells GlobeSt.com that the 15.2-acre asset was on the market 10 months, receiving five offers. He says PEM Investments made a good offer, but the deal and timing beat out others only by a slight margin. However, he explains “he’s a very strong buyer who we’ve done a ton of business with. They can make improvements to the property and raise the profile.” It’s not been determined much PEM Investments will put into the property.

Forrester says the seller paid $13.7 million in early 2005 for the asset, starting the play with weak operating numbers. “He added new plumbing, added an exercise room and cleaned it up a great deal,” he says. The complex’s occupancy was 86% at sale time.

Forrester adds that Greentree Place is an ideal property for a long-term hold because the Southeast Valley submarket right now is somewhat soft for multifamily properties. “It has a pretty good future going on down there though,” he says. “As time goes on and the property is improved, it’ll be a good investment for them.”

Greentree Place Apartments has one-, two- and three-bedroom units. Rentals are $585 to $959 per month.

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