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LaSalle Property Fund Acquires 488-Unit Luxury MF in Phoenix
LaSalle Investment Management acquired San Melia, a 488-unit luxury multifamily community in Phoenix, on behalf of LaSalle Property Fund, its U.S. core open-end real estate fund. The seller of the 96%-occupied property at 14435 S. 48th St. was reportedly State Street Global Advisors, though pricing was not disclosed.
The Mark-Taylor-built property, situated on 28 acres in Phoenix’s desirable Ahwatukee Foothills neighborhood, presented an opportunity for the Chicago-based investor to acquire a well-located multifamily asset in a fast-growing submarket marked by low supply.
LaSalle Property Fund’s Jim Garvey says, “This transaction represents an excellent opportunity to achieve attractive risk-adjusted total returns with an emphasis on income. This acquisition directly aligns with our investment strategy of purchasing well-located core assets that offer stable cash flows and upside potential.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

