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| February 5, 2010
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| SO. CALIF.-BASED INVESTOR ENTERS VALLEY MARKET . . . BUYS 257 APARTMENT UNITS
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Phoenix – Phoenix 83rd Avenue Apartments LP, a company formed by Watermarke Properties Inc. in Corona, Calif. (Jeff Troesh, CEO), paid $5.6 million ($21,790 per unit) to buy the 257-unit Casa Real apartments located at 3816 N. 83rd Avenue in Phoenix. The seller was First Regional Bank in Los Angeles, Calif. The seller foreclosed on the asset from the previous owner. Casa Real was built in 1986. The investment is the first in the Valley for the privately-held Watermarke Properties. The company owns multi-family, office, industrial, and retail properties in Southern and Northern California. Watermarke Properties is looking for additional investment opportunities . . . likes value-added deals of 100+ units. The company wants to purchase another 2,000 multi-family units in the Phoenix area. “We think there are a lot of opportunities in the Phoenix market,” says Peter DiLello, acquisitions manager at Watermarke Properties. “We are looking to aggressively expand that platform.” In the past 36 months, Watermarke Properties has completed more than $500 million in transactions. The company typically pays cash for its properties and closes in short time frames.
In July 2005, BREW reported a company formed by investor Shashikant Jogani of Los Angeles paying $12.2 million ($47,471 per unit) to buy Casa Real. Jogani has bought and sold several apartment communities in the Valley. Talk to DiLello at (951) 372-2400. |
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