Acacia Capital Corp. Acquires 699 Units from $61-$67 a foot
By Adam Lyons in : News // Jul 2 2010
MESA, AZ-Acacia Capital Corp. has spent $33.4 million on two class B multifamily properties totaling 699 units. The San Mateo, CA-based buyer acquired the 1980s-era communities from an undisclosed seller.
The properties are: Verona Park, a 304-unit community located at 1666 South Extension Rd., and Argenta, a 395-unit community located at 4104 East Broadway Rd.
“We had a very strong response with multiple offers at, or over, list price,” says Brad Cooke, a vice president with Colliers International’s Phoenix office. He and Cindy Cooke, a senior vice president with Colliers, represented the seller.
Brad Cooke says the winning buyer came down to who had the funds to close all cash on both properties, could move fast and had an in depth knowledge of the two submarkets.
“Most of the top bidders could close all cash and move fast,” he notes. “However, Acacia currently owns properties in both submarkets and, therefore, had a first-hand understanding of the benefits and challenges of the submarkets.” Both properties closed within three weeks of the seller accepting offers from Acacia.
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