Aurora Hills - Aurora, CO
September 25, 2011
GlobeSt.com – $175M in Apartment Sales Underscore Market Changes
…The $23.1 million sale of the Pine Club Apartments, for $134 per square foot, was an off-market deal in which Phoenix Realty Group acquired the property from MHE Inc. and Sussex Capital. “The sale of Pine Club Apartments marks one of only a few 100-plus-unit multifamily transactions in the San Gabriel Valley in the last several years,” Harris points out. He notes that the buyer “identified value through the implementation of a renovation plan and aggressive management.” Built in 1971 on 7.7 acres, the complex had a Fannie Mae adjustable loan that was converted at closing to a fixed rate of 4.5% for seven years…