(Read more on the multifamily market.)

CHANDLER, AZ-The 248-unit Pheasant Run Apartments has moved into the growing portfolio of an active California buyer. The buyer has paid $22.85 million to the 10-year owner of the class B asset.

Tyler Anderson, vice chairman in CB Richard Ellis’ Phoenix office, says Farnam Realty Inc. of Scottsdale had acquired the 94%-leased complex at 2101 N. Evergreen St. for $10.8 million. He says Farnam decided it was time to sell so he and CBRE vice chairman Sean Cunningham and first vice president Jack Hannum were asked to find a qualified buyer. The team’s answer was Acacia Capital Corp. of San Mateo, CA.

“We said Acacia would be a great buyer because in terms of their equity they already have a fund ready to go as opposed to other buyers who would need to lock down an equity piece or find an investment partner,” Anderson tells GlobeSt.com. “Buyers who are looking for funds are struggling while Acacia’s already raised about $100 million of equity for their acquisitions.”

Anderson says Acacia plans to put some money into upgrading the 22-year-old complex, but he couldn’t say how much has been earmarked for exterior and interior work. Situated on 13.9 acres, the 23-building Pheasant Run Apartments consist of one- and two-bedroom units. The average unit is 793 sf; rent averages $768 per month.

Acacia recently launched a Phoenix-based division to manage its assets in the metro. Farnam Realty Inc. is a subsidiary of Farnam Cos., which manufactures animal vitamins and pharmaceuticals.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt. Multifamily Fall 2024Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.