GOLDMAN SACHS DROPS $64.95 MILLION FOR 720 APARTMENTS IN THREE VALLEY PROJECTS

 

 

 

 

 

 

 

 

There is no short cut to achievement. Life requires thorough preparation – veneer isn’t worth anything.

George Washington Carver

 

Peoria/Glendale – A company formed by Goldman Sachs Group Inc. in New York City, N.Y. (NYSE:GS) paid $64.95 million (average of $90,208 per unit) to buy 720 apartment units in three Valley properties. The sellers in three separate transactions were companies formed by Camden Property Trust in Houston, Tex. (NYSE:CPT). The deal was negotiated through Tyler AndersonSean CunninghamAsher Gunter and Matt Pesch of CBRE in Phoenix. Goldman Sachs is a Wall Street-based global investment banking, securities and investment management firm with $183 billion in assets. Including the Camden portfolio deal, Goldman Sachs now has an interest in 9 Valley apartment projects accounting for 2,295 units. Records show ERGS III Arrowhead Owner LLC(Goldman Sachs company) acquired the three apartment communities from Camden with $48.249 million in financing provided by J.P. Morgan Chase Bank. Here are the details of the acquisitions: Camden Sierra, 288 units at 17374 N. 89th Avenue in Peoria, $25.585 million ($88,837 per unit). The seller was CPT Sierra LP (Camden limited partnership); Camden Fountain Palms, 192 units located at 8820 W. Bell Road in Peoria, $17.565+ million ($91,486 per unit). The seller was CPT Fountain Palms LP; andCamden Towne Center, 240 apartments located at 17600 N. 79th Avenue in Glendale, $21.8 million ($90,208 per unit). The seller was CPT Towne Center LP. Camden Property Trust, a publicly-traded real estate investment trust (REIT), built Camden Sierra in 1997 and Camden Towne Center in 1998. In June 1998, BREW reported Camden paying $11.35 million ($59,114 per unit) to acquire Camden Fountain Palms (at that time called The Aragon). That complex was developed in phases in 1986 and 1996. With the sale of the three properties to Goldman Sachs, Camden still owns four apartment projects in the Phoenix area and three multi-family sites in the Valley that are planned for another 834 units. In September, BREW reported Camden paying $34 million ($200,000 per unit) to buy the 170-unit Sotelo apartments at 615 E. Weber Drive in Tempe. The contact at Goldman Sachs is Katie Bloom . . . call her at (972) 368-2682.

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a little about me and my expertise – video

                    

LAND SPECIALIST – LAND EXPERT – INVESTMENT BROKER – ARIZONA

https://www.youtube.com/watch?v=PPs3kpKR4nY

 

http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history

 

http://en.wikipedia.org/wiki/Phoenix,_Arizona

 

 

3

Facts of Arizona – year 1848 to 2013

http://walter-unger.com/?p=9507

 

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Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Investment Properties in Phoenix.

 

 

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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).

 

www.Walter-Unger.com

 

 

 

Thank You

Walter

 

Walter Unger CCIM

Associate Broker

Kasten Long Commercial

2821 E. Camelback Road, Suite 600

Phoenix, AZ 85016

Cell:      520-975-5207

Direct:   602-759-1202

Office :  602-445-4141

Fax:      602-445-4188

walterunger@ccim.net

 

Delivering the New Standard of Excellence in Commercial Real Estate 

 

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