(Read more on the multifamily market.)
CHANDLER, AZ-The 248-unit Pheasant Run Apartments has moved intothe growing portfolio of an active California buyer. The buyer haspaid $22.85 million to the 10-year owner of the class B asset.
Tyler Anderson, vice chairman in CB Richard Ellis' Phoenixoffice, says Farnam Realty Inc. of Scottsdale had acquired the94%-leased complex at 2101 N. Evergreen St. for $10.8 million. Hesays Farnam decided it was time to sell so he and CBRE vicechairman Sean Cunningham and first vice president Jack Hannum wereasked to find a qualified buyer. The team's answer was AcaciaCapital Corp. of San Mateo, CA.
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