Bridge Investment Pays $75M for Phoenix MF

Utah-based Bridge Investment Partners LLC has acquired the 856-unit Saratoga Ridge apartments in Phoenix for $75.5 million. Variable Annuity Life Insurance Co. of Los Angeles was the seller. Jim Crews and Brett Polachek of Cushman & Wakefield negotiated the transaction.

The 30-year-old apartment complex at 1450-1460 E. Bell Rd. had been foreclosed at a trustee’s sale in 2014. At the time, then-owner Greystar Real Estate Partners LLC defaulted on a $59.4 million loan secured by the asset. Variable Annuity was the loan’s beneficiary.

The deal is Bridge Investment’s second in a month; the investment advisory firm acquired the 480-unit Monte Viejo apartments at 2220 E. Beardsley Rd. in Phoenix for $58.5 million in mid-May.