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Published:   October 25, 2013
Volume:   XIX    Number:   42

BRIDGE-IGP ADDS TO HOLDINGS . . . PAYS $38.425 MILLION FOR 576 APARTMENTS IN MESA

Mesa - In continuing its buying spree of Valley real estate properties, Bridge Investment Group Partners LLC in Murray, Utah (Robert Morse, chairman) paid $38.425 million ($66,710 per unit) to acquire the 576-unit Aventerra at Dobson Ranch apartments at 1960 W. Keating Avenue in Mesa. The seller was Summit Aventerra LLC, a company formed by Summit Equity Investments in Los Angeles, Calif. (Michael Thom, Ryan Lynch, Joseph Rosen, partners). The deal was brokered through Mark Forrester and Ric Holway of Hendricks-Berkadia in Phoenix. In November 2011, BREW reported the Summit Equity Investments entity paying $29.1 million ($50,521 per unit) to buy Aventerra at Dobson Ranch. The complex was built in 1980. In a sale completed Oct. 22, Maricopa County records show ROC II AZ Aventerra LLC acquired the Mesa project by assuming a $20.388 million Freddie Mac loan and with a second Freddie Mac CME and Portfolio of $5.5 million issued by Walker & Dunlop LLC in Bethesda, Md. Bridge-IGP is an investment advisory firm with $1+ billion of assets under its management. The privately-owned company controls 24,000 apartment units and 2.2 million sq. ft. of office space. Bridge-IGP is working on its second U.S. real estate opportunity capital fund (ROC Funds), which has more than $482 million in equity commitments. Bridge-IGP (as manager of ROC funds) has been an active buyer of multi-family and office properties in the Phoenix area. So far in 2013, BREW has reported companies formed by Bridge-IGP spending $129.675 million to buy 1,655 apartment units in four Valley communities. In August 2013, BREW reported a joint venture including Bridge-IGP paying $42.773 million ($164.67 per foot) to buy a 259,745-square-foot office building at the northeast corner of 32nd Street and Camelback Road in Phoenix. In August and July, BREW reported companies formed by Bridge-IGP paying $52.75 million ($109,896 per unit) to buy The Retreat, a 480-unit apartment project located at 20808 N. 27th Avenue in Phoenix and $17.5 million ($49,716 per unit) to purchase the 352-unit Villetta apartments at 1840 W. Emelita Avenue in Mesa. In February 2013, BREW reported Bridge-IGP paying $21 million ($85,020 per unit) to acquire the 247-unit Pinnacle Groves apartments at 701 W. Grove Parkway in Tempe. In 2012, entities formed by Bridge-IGP paid just under $36.869 million to acquire 670 apartments in two projects in Mesa and Phoenix. The company also owns two multi-family communities in Tucson and another in Casa Grande. Russell Minnick is the contact at Bridge-IGP . . . call him at (801) 284-2900. Reach the Summit Equity Investments principals at (310) 598-7070. Talk to the Hendricks-Berkadia agents at (602) 955-1122.


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