PHOENIX-Ina move considered part of a marketplace trend,Waterton Associates LLC acquired the 576-unitAndante from JPMorgan Real Estate (operating underthe entity name Andante Acquisition Corp.) for$61.3 million. The commercial real estatetransaction is a value-add play, with the Chicago buyerplanning upgrades to the multifamily property.

According to CBRE vice chairman TylerAnderson, the 1990s-built asset at 15801 S.48^th St. was broadly marketed, with 12 bonafide offerscoming out of the mix. Anderson, who teamed with CBRE colleaguesvice chairman Sean Cunningham and associateAsher Gunter, says the multifamily propertyattracted funds, private equity and some REITs. CBRECapital Markets Debt & Equity Finance executive vicepresident Brian Eisdendrath and senior productionanalyst Brandon Smith arranged financing throughFannie Mae.

"This transaction was indicative of the marketplace. A lot ofpeople are wanting to be in Phoenix, as rents are still below peakvalues," Anderson tells GlobeSt.com. "There's anice-value-add component to this; it's below the market's peakvalues and has rent growth that's easily underwritten." Look forsimilar deals to close in the coming months, Anderson adds.