(Read more on the multifamily market.)
TEMPE, AZ-A Brooklyn-based buyer has closed on the class B,137-unit Villas Apartments, paying $15.15 million and starting thevalue-add play at a 6% cap rate. The acquisition is the buyer'ssecond class B pickup in two weeks.
"Historically, the buyer had class C properties and they'relooking to upgrade their portfolio," says Alon Shnitzer, seniorassociate in Phoenix for Marcus & Millichap Real EstateInvestment Services and a director of its national multi-housinggroup. He represented Rebecca Realty in its acquisition of the99%-leased complex at 1718 S. Jentilly Lane.
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