BREW: UTAH FIRM ACQUIRES 192-UNIT APARTMENT COMPLEX IN SURPRISE
12/02/2008Surprise – A company formed by Wasatch Properties in Logan, Utah (Dell Loy Hansen, manager) paid $17.65 million ($91,927 per unit) to buy the 192-unit Canyon Ridge apartments at 17477 N. Avenue of the Arts in Surprise. The seller was a company formed by PEM Real Estate Group in Scottsdale (Paul Mashni, principal). Alon Shnitzer of Marcus & Millichap Real Estate Investment Services in Phoenix worked on behalf of the buyer, and Mark Forrester and Bob Bruno of Hendricks & Partners in Phoenix represented the seller. Wasatch Properties has sold one Valley apartment complex and purchased another in the past two months. Sources say the company may be interested in buying additional multi-family properties in the Phoenix area. Wasatch Properties, which also owns apartment properties in Tucson, may be looking to invest in that market as well. In June, BREW reported Wasatch Properties selling the 203-unit Brookside apartments at 6131 W. Thomas Road in Phoenix. The buyer in that $10.3 million deal ($50,739 per unit) was investor Daymond Bouet in Scottsdale. With the purchase of Canyon Ridge, Wasatch Properties now owns six apartment complexes in the Valley totaling 1,485 units. The company owns four multi-family properties in Tucson totaling 974 units. In November 2005, BREW reported Mashni’s company paying just under $14 million ($72,786 per unit) to buy Canyon Ridge. After purchasing 15 apartment communities in Phoenix and Tucson from 2005 to 2007, PEM is looking to sell seven apartment projects in the Valley totaling 1,693 units. Learn more from Hansen at (435) 755-2000. Talk to Mashni at (480) 422-6930. Forrester and Bruno are at (602) 955-1122. Call Shnitzer at (602) 952-9669.
