(Read more on the multifamily market.)
MESA, AZ-Property Growth Fund has made its second buy in thecity in 18 months, plunking down $11.85 million for the 132-unitLindsay Palms. The deal builds in economies of scale for theBeverly Hills, CA-based fund.
Chuck LaBenz, associate partner with Hendricks & Partners'Phoenix office, says it made good sense from an economic sense forProperty Growth Fund to acquire the 2855 E. Broadway Rd. assetbecause it sits about five miles from the earlier buy, the 224-unitMonterey PointApartments at 510 S. Extension Rd. The fund plans to manageboth assets from the Monterey Point office.
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