Harbert & Colrich Close on Multifamily Phoenix, Arizona
Harbert United States Real Estate Fund IV, L.P. (“HUSREF IV”) and Colrich Investments recently acquired Pointe at South Mountain, a 364-unit garden apartment community located in Phoenix, Arizona. The property, which is located in Phoenix’s upscale Ahwatukee submarket, is the third acquisition for the joint-venture over the last 20 months. The joint-venture currently owns three multifamily assets for a total of 748-units in Phoenix.
The joint-venture acquired Santa Rosa, a 112-unit garden apartment community, in mid-2009 and San Ventura, a 272-unit garden apartment community, in early-2010. Santa Rosa is located in the Ahwatukee submarket and San Ventura is located in the Chandler submarket. “Having been early to acquire high quality assets in strong sub-markets in Phoenix, we have been able to witness the recovery in fundamentals first hand and are excited to add a third property with strong upside potential to our portfolio,” explains Jon-Paul Momsen, Managing Director for Harbert United States Real Estate Fund IV.
ColRich was founded in 1977, and over the past 33 years has successfully purchased and developed multifamily, residential (both attached and detached), retail, office, medical office, and hotel assets in Southern California, Washington, Oregon and Arizona. In the 1990s ColRich was among the largest privately held developers/contractors for multifamily product in San Diego County. The Company has successfully repositioned many assets through extensive value-add renovations, maximizing on unique locations near large employment centers and universities.
HUSREF IV is the latest U.S. real estate fund sponsored by Harbert Management Corporation (“HMC”), an independent investment firm focused on fundamentally-based private and public market strategies. HMC’s U.S. real estate funds identify real estate investment opportunities through their investment team’s network of long-term, strategic relationships, having owned, developed and managed multifamily, office, industrial, retail and hotel properties throughout the Southeastern and Southwestern United States. Their approach is hands-on, targeting properties that they believe are undervalued, and where value can be created through focused operational management. Additional information about HMC can be found at www.harbert.net
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