(Read more on the multifamily market.)
PHOENIX-A Pacific Northwest buyer has made its first acquisitionin the city, buying the 376-unit Fairways at Cave Creek fromAtherton-Newport Investments LLC. The class B asset has brought$31.5 million in an off-market deal.
Cindy Cooke, senior vice president with Colliers InternationalInc.'s Phoenix office, negotiated the transaction between buyer andthe Irvine, CA-based seller, who acquired the now 92%-leasedcomplex at 2140 W. Thunderbird Rd. in spring 2006. Following somerenovations, Atherton-Newport decided to sell, but then pulled itoff the market to try to stabilize it.
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