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| March 5, 2010
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| PACIFIC REALTY ADVISORS SPENDS $9.4 MILLION TO BUY NORTH PHOENIX APARTMENT PROJECT
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| Phoenix – A company formed by Kenn Francis and Tod Thorpe of Pacific Realty Advisors in Scottsdale paid $9.416 million ($53,500 per unit) to buy the 176-unit Bayside apartments located at 20245 N. 32nd Drive in the Deer Valley area of north Phoenix. The seller was River Oaks Apartments Limited Partnership, a company formed by Charles Heers of Inland Empire Builders in Las Vegas, Nev. Records show Deer Valley Apartments LLC in Phoenix (Francis, Thorpe and Mike Ingram, principals) paid cash for the multi-family project, which was built in 1999. Three weeks ago, another company formed by Francis, Thorpe and Ingram paid $13.696 million ($53,500 per unit) to acquire the 256-unit Palm Court apartments at 20401 N. 19th Avenue. Another company formed by Heers was the seller in that deal. P.B. Bell & Associates of Scottsdale has been hired to manage the properties acquired from Heers. Thorpe says Pacific Realty Advisors is interested in buying additional apartment projects in the Phoenix area as well as office and industrial properties. In the past three weeks, BREW has reported companies formed by Heers selling 648 apartment units in three properties in the Deer Valley area. Those sales generated a combined $34.668 million for Heers, who still owns 3,467 units in eight rental communities in Arizona. No word on the disposition of those assets. Heers has been building apartment projects in Arizona since the early 1980's. The other property Heers recently sold is the 216-unit Ridge Gate apartments located at 2811 W. Deer Valley Road in Phoenix. Two weeks ago, BREW reported Verde Property Investments LLC in Phoenix (Ernest “Ernie” Garcia, member) paying $11.88 million ($55,000 per unit) to buy Ridge Gate. Find out more from Francis and Thorpe at (480) 421-1500. Contact Heers at (702) 792-9315. |
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