ConAm Buys New Phoenix M-F Asset
- Jan 25, 2015
ConAm Group of Cos. has increased its Greater Phoenix footprint with its $33 million acquisition of the Pointe at South Mountain, a 364-unit luxury apartment community. Located at 8809 S.Pointe Parkway East, the property represents ConAm Group’s tenth Phoenix multifamily acquisition.
The Pointe at South Mountain features units with spacious bedrooms, modern light fixtures, fully equipped kitchens and large walk-in closets. Community amenities include a resort style swimming pool and spa; a gourmet coffee bar; covered parking; and access to the South Mountain Preserve.
The seller was CH Pointe at South Mountain Communities L.L.C., an affiliate of San Diego-based ColRich Multifamily, which acquired the asset for $22.7 million in 2011. As reported by Business Real Estate Weekly of Arizona, the deal was brokered by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Group Inc.’s Phoenix office. Financing was arranged by Rocco Mandala, Executive Vice President with CBRE’s capital markets, debt and structured finance group.
ConAm’s previous Phoenix-area acquisition included Covington Park.
Image Courtesy of ConAm Group of Companies via Official Website