PHOENIX-A Montreal-based investment group has added 164 units in two complexes to its local portfolio. Spending a combined $10.4 million, Tidan Group of Cos. has acquired the 60-unit Santorini Villas Apartments and neighboring 104-unit Papago Gardens Apartments in off-market deals.

Debbie Erichsen, senior associate with United Arizona Commercial LLC in Mesa, has confirmed that neither Santorini Villas at 1207 N. 48th St. nor Papago Gardens at 1025 N. 48th St. were listed. She tells that Tidan approached Santorini Villas’ owner Michael Eibert of Yorba Linda, CA and his neighbor, Cliff Thieme of Aberdeen, WA, who owned Papago Gardens.

“They liked the area and they liked both properties so they contacted us to tell us they were interested,” says Erichsen, who worked with United Arizona Commercial broker Gloria Tirone on both transactions.

Erichsen says the buyer plans to upgrade the class B assets, but she didn’t know how much would be spent on the renovations. The two complexes had a combined occupancy of 80% at the time of closing.

The assets were built in the mid-1980s. Santorini Villas Apartments, situated on two acres, has one- and two-bedroom units, which rent for $450 to $595 per month. The 3.5-acre Papago Gardens, also one- and two-bedroom apartments, have rents from $510 to $580 per month. Tidan will manage both complexes.

Erichsen says Tidan is continuing to look for other value-add opportunities in the area. Prior to the purchases, its local portfolio contained 1,402 units in five complexes.

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