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

According to CBRE vice chairman Tyler Anderson, the 1990s-built asset at 15801 S. 48th St. was broadly marketed, with 12 bonafide offers coming out of the mix. Anderson, who teamed with CBRE colleagues vice chairman Sean Cunningham and associate Asher Gunter, says the multifamily property attracted funds, private equity and some REITs. CBRE Capital Markets Debt & Equity Finance executive vice president Brian Eisdendrath and senior production analyst Brandon Smith arranged financing through Fannie Mae.  

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