Upscale Apartments in Uptown Phoenix Fetch $280,000 Per Unit From No. Calif. Investor

PHOENIX – In a multi-family purchase with a price per unit more than twice than the company paid to buy its last Valley property, Virtue Investments LLC in Larkspur Calif. (Scott McWhorter, Michael Green, principals) paid $65,25 million ($280,043 dollars per unit) to acquire 233-unit Peak 16 luxury apartments located just north of Camelback Road at 5151 N 16th Street in Uptown Phoenix. Arbor Court Investment Inc., a company formed by VanTrust Real Estate LLC in Kansas City, Mo (David Harrison, pres.), was the seller. David Folger and Steve Nicoluzakis of Cushman & Wakefield in Phoenix brokered the sale. Virtu, which acquired the multi-family asset using an investment vehicle it manages called The Evergreen Fund, now owes 23 apartment projects primarily located in the Western U.S. Maricopa County records show Peak 16 Evergreen SPE LLC (Virtu entity) acquired Peak 16 with a $39 million Fannie Mae loan issued by Berkeley Point Capital LLC. Developed by seller in 2017, Peak 16 is located on a 3.829-acre site just west of state Route 51 (Piestewa Freeway)  that surrounds the southeast corner of 16th and Colter streets. In April 2013 BREW reported the Van Trust entity formed by Valley businessman Larry Van Tuyl paying $3.75 million ($59.23 per foot) to acquire the apartment site, which was then occupied by a two-building, 63,311-square-foot office complex called Arbor Court. With the purchace of Peak 16, the privately-held Virtu Investments now owns 585 apartments in two multi-family properties in the Phoenix market and another 350 units in  two communities in Prescott and Flagstaff. In its last Valley acquisition in March 2016, BREW reported Virtu Investments paying $47 million ($133,523 per unit) to buy The Fairways, a 352-unit multi-family complex located at 777 W. Chandler Boulevard in Chandler.  In June, BREW reported two tenant-in-common entities led by Virtu Investments selling the 194-unit La Costa at Dobson Ranch apartments at 1820 W Linder Avenue in Mesa. Pacific Community Investors LLC in La Jolla, Calif. paid $33.75 million ($173,969 per unit) to purchase that asset. According to its website, over the past two decades, Virtu Investments has owned 20,000 + multi-family  units in 118 projects in the Western and Southwestern parts of the country. Find out more from McWhorter at (415)398-3935. Keith  Earnest, who heads up the Phoenix office for VanTrust, is at (602)732-4220. Talk to the Cushman & Wakefield at (602) 9540-9000.

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