“Better to remain silent and be thought a fool than to speak out and remove all doubt.”
-Abraham Lincoln
Nov 1, 2013, 1:29pm MST Kristena Hansen Reporter-Phoenix Business Journal
Downtown Phoenix’s 44 Monroe — Arizona’s tallest residential tower — has officially been sold to a publicly-traded real estate investment trust in Boston for $40 million.
The sale was part of a $246 million portfolio deal that included three other luxury apartment projects, which are Highgrove in Stamford, Conn.; Mosaic II in Houston and San Pedro Lofts in San Pedro, Texas.
The buyer, Winthrop Realty Trust(NYSE:FUR), first disclosed it had entered an agreement to buy the portfolio from ST Residential back http://www.bizjournals.com/phoenix/news/2013/08/14/44-monroe-heads-to-sales-block-in-246.html in August. It announced the deal had finally closed, with the help of a $150 million loan, in a statement Thursday.
ST Residential is a public-private partnership between the Federal Deposit Insurance Corp.and a group of private real estate investors. It had owned 44 Monroe — a 34-story, 196-unit complex located at the northeast corner of First Avenue and Monroe Street — since 2010 and was responsible for flipping it from its original use of condominiums to apartment rentals that next year.
Kristena Hansen covers residential and commercial real estate.
a little about me and my expertise – video
LAND SPECIALIST – LAND EXPERT – INVESTMENT BROKER – ARIZONA
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Facts of Arizona – year 1848 to 2013
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 15 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me 520-975-5207 (cell) 602-778-5110 (office direct).
Thank You
Walter
Walter Unger CCIM
Associate Broker
Kasten Long Commercial
2821 E. Camelback Road, Suite 600
Phoenix, AZ 85016
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