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San Francisco investor spends nearly $100 million on Phoenix area apartments
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A San Francisco investment firm has recently spent $91 million to buy apartment complexes in Tempe and Avondale.
Arms of Fowler Property Acquisitions LLC has bought the Mirabella Apartments in Avondale in two deals totaling $66.5 million.
The Avondale complex is located near Indian School and El Mirage roads and has 715 units.
The seller was a partnership of Las Vegas-based Fore Property Co. and Boston-based Fidelity Investments, according to state records.
Fowler has also bought the 505 West complex near Baseline and Kyrene roads in Tempe. The complex has approximately 350 units.
The seller in that deal was Sun River Village LP, according to state records. That group is managed by a group in Vancouver, Washington,.
Fowler Property officials could not be reached for comment Friday.
The company owns and has also bought some other apartment complexes in Phoenix and other Western markets.
Mike Sunnucks writes about residential and commercial real estate, government, law, sports business and workplace issues.
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