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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.

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