(Read more on the multifamily market.)
PHOENIX-A Laguna Hills, CA buyer began building a localportfolio with his first area acquisition of the 290-unit MetroVillage Apartments. The buyer forked over $15.9 million for thevintage asset, and will invest $4 million more in renovations.
According to John McDonnell, multifamily specialist with AxxiomPartners LLC of Scottsdale, Ken Black plans full interior andexterior rehabs for the complex at 3106 W. Vogel Ave. Included inthe overhaul plans are a landscape redesign, creation of a fitnesscenter and club house, and relocation of the rental center.
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