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JV Picks up Phoenix Metro MF for $54M
Tuscany Ridge, a 336-unit Class A multifamily community located at 8203 W. Oraibi Dr. in Peoria, AZ, has sold for $54 million. The buyer was a San Diego-based JV partnership between Gerry Ranglas/RV Management, Wermers Properties and Loma Linda University Endowment.
Constructed in 2004, Tuscany Ridge is a garden-style property offering a desirable low-density site plan. The property features spacious one, two, and three-bedroom floor plans and is the high-end Arrowhead submarket.
Impact Multifamily Advisors’ Mike Dow negotiated the deal on behalf of the buyers. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, an undisclosed NY-based pension fund advisor. Los Angeles-based PCCP, LCC provided the financing for the property.
“Tuscany Ridge presented investors with a well-positioned value-add opportunity located in a highly sought-after West Valley submarket,” said CBRE’s Anderson. “The community is surrounded by well-maintained residential master-planned communities, affluent demographics and top-rated schools.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition