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Published:   June 28, 2013
Volume:   XIX    Number:   25

CROW HOLDINGS PAYS $46.9 MILLION FOR PHOENIX APARTMENTS (THAT’S $185,449 PER UNIT)

Phoenix - In what is the highest price per unit ever paid for a Valley apartment project, Crow Holdings in Dallas, Tex. (Harlan Crow, et al., directors) paid $46.919 million ($185,449 per unit) to buy the 253-unit Pavilions on Central apartments at 1 W. Campbell Avenue in Phoenix. The seller was Pavilions Apartments II LLC, a venture formed by Gray Development Group in Phoenix (Bruce Gray, principal) and The Reliant Group in San Francisco, Calif. (Joseph Sherman, pres.). Records show CH Realty VI/MF Phoenix Pavilions LLC (the Crow Holdings entity) paid cash to purchase the Phoenix apartment project. The sale was brokered through Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix. In March 1999, BREW reported Gray Development assembling a 6.8-acre site at the southwest corner of Central and Campbell avenues and planning to develop the Pavilions on Central. The complex was completed in 2000. The price per unit Crow Holdings paid for the project surpassed the previous high paid for a Valley apartment unit. In December 2012, BREW reported Camden Property Trust in Houston, Tex. (NYSE:CPT) paying $45.7 million ($183,534 per unit) to buy the 249-unit Montierra apartments located at 9850 N. 73rd Street in Scottsdale. Crow Holdings is a privately-held firm that makes investments on behalf of the Trammell Crow family and its investment partners. Bob McClain is the contact for Crow Holdings . . . call him at (214) 661-8000. Brian Kearney is the contact at Gray Development . . . talk to him at (602) 954-0109. Reach the CBRE agents at (602) 735-5555.


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