Phoenix – A company formed by PrivatePortfolio Group LLC in Seattle, Wa. (Jim Almon, principal) paid $60 million ($225,564 per unit) to purchase the 266-unit Elevation on Central apartments located at 4650 N. Central Avenue in Phoenix. The seller was Vedura Central LLC, formed by Vedura Residential in Scottsdale (Bruce Hart, Paul Fannin, Jason O’Clair, principals), and Globe Corp. in Scottsdale (George Getz, principal). The sale was brokered by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBREin Phoenix. Public records show Elevation on Central Apartments LLC (PrivatePortfolio Group entity) acquired the asset with a $33.2 million loan from Allianz Life Insurance Co. of North America. In August 2013, BREW reported Vedura Residential buying the property and planning to develop Elevation on Central. The 4.23-acre site is at the southwest corner of Central and Highland avenues. Vedura/Globe Corp. completed development of the luxury rental units earlier this year. With the acquisition of Elevation on Central, PrivatePortfolio Group and its affiliates now own 3,849 apartments in 12 Valley properties. The company owns another 5 projects in the Seattle area. Prior to the purchase of the Central Avenue apartments, Almon-led companies had sold four Phoenix area communities totaling a combined 1,531 units. In PrivatePortfolio Group’s last Valley purchase in June 2014, the company paid $65 million ($169,713 per unit) to buy the 383-unit Parcland Crossing apartments at 800 W. Willis Road in Chandler. Almon’s assets in the Phoenix area have been bought and sold by companies formed by PrivatePortfolio Group LLC, Pillar Communities LLC and Almon Investment Group LLC. PrivatePortfolio Group is the manager of each asset in the portfolio, and Almon Investment Group is the manager of PrivatePortfolio Group. Pillar Communities LLC is PrivatePortfolio Group’s wholly-owned management company that is responsible for day to day operations of the multi-family properties. Find out more from Almon at (206) 328-9346. Call Hart, Fannin and O’Clair at (480) 922-9200. Reach the CBRE agents at (602) 735-5555.

Source: BREW 

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