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12/1/05 - Seattle Firm Purchases 388-Unit Apartment Project In Mesa…Wants More.
MESA– A company formed by Security Properties Inc. in Seattle, Washington (John Orehek, CEO) paid $22.1 million ($57,088 per unit) to acquire the 388-unit University Green apartments located at 265 N. Gilbert Road in Mesa. The seller was a company formed by investor Abbot Apter of Mercury Investment Co. in Duluth, MN. The deal was brokered through Steve Goldstein of Amercon Realty Services in Scottsdale. The purchase of the Mesa apartments is the first in the Valley for Security Properties, a privately-held firm which owns roughly 25,000 multi-family units across the country. Sources say Security Properties is looking for additional multi-family investment opportunities in the Phoenix area. In September 2000, BREW reported Apter’s company paying $16.875 million ($42,492 per unit) to purchase University Green. Mercury Investment still owns 898 apartment units in three Phoenix area projects. No word on the disposition of those properties. (Oct. 2005)
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