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| August 31, 2007
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| ABACUS OF NEW YORK CITY NEW PLAYER IN VALLEY MULTI-FAMILY MARKET . . . WANTS MORE
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| Phoenix – A company formed by Abacus Capital Group LLC in New York City (Benjamin Friedman, pres.) paid $37 million ($118,590 per unit) to purchase the 312-unit Renaissance at South Mountain apartments at 15251 S. 50th Street in Phoenix. The seller was a limited partnership formed by Chason Properties in Buffalo, N.Y. (Mark Chason, principal). The sale was negotiated through Steve Goldstein and Jason Buxbaum of Amercon Realty Services in Scottsdale. Mark-Taylor Residential in Scottsdale has been hired to manage the property. The rental community is now being called Arboretum at South Mountain. The acquisition is the first in the Valley for the privately-held Abacus Capital Group. The company is looking for additional apartment investment and development opportunities in the Phoenix area. Abacus Multi-Family Partners I, L.P., a co-mingled fund, has $400 million to invest in value-added, pre-sale and development opportunities. According to company literature, Abacus Capital Group has acquired $2 billion of real estate assets, including 21,000 apartment units. The company now owns 12 multi-family properties in Arizona, California, Texas, Indiana, Pennsylvania, North Carolina and New York. Chason has now sold all but one of its Valley apartment properties. Chason Properties still owns the 350-unit Ventana apartments located at 14015 N. 94th Street in Scottsdale. No word on the disposition of that asset. In July 2007, BREW reported Chason paying just under $21.6 million ($69,213 per unit) to acquire Renaissance at South Mountain. Find out more from Friedman at (212) 203-4959. Talk to Chason at (716) 833-1000. Reach Goldstein and Buxbaum at (480) 481-0600. |
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