Wednesday, December 29, 2021 / by Juan Grimaldo
The Valley's top multifamily deals of 2021: Biggest transaction sold for $414.5M
It was a big year for multifamily transactions in metro Phoenix, with the biggest transactions sliding in at the end of the year, and more in escrow set to close by year-end.
Boasting 1,222 units, Vaseo, the largest apartment community in Phoenix, sold for $325 million, closing on Dec. 15, while a 5-property portfolio totaling 1,448 units sold for $414.5 million, closing on Dec. 21.
The Vaseo property was co-listed by CBRE Group Inc. and Berkadia, said Matt Pesch, vice chairman of institutional properties for CBRE.
Phoenix-based 3rd Ave Investments LLC bought the 5-property portfolio, bringing its metro Phoenix portfolio to 29 properties, said Zev Hendeles, founder of 3rd Ave Investments.
To continue reading, click here
By Angela Gonzales - Senior Reporter, Phoenix Business Journal