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 Phoenix - It had been over a decade since the company's last apartment property purchase in the Valley, but IMT Capital LLC in Sherman Oaks, Calif. (Cory Thabit, et al., general partners) has jumped back into the Phoenix multi-family investment market in a big way. The company paid $100.5 million ($120,793 per unit) to acquire the 832-unitDeer Valley Village apartments located at 3010 W. Yorkshire Drive and 19645 N. 31st Avenue in Phoenix. The seller was Deer Valley Apartments NF LLC, a company formed by Sterling American Property Inc. in Great Neck, N.Y. (Michael Katz, Richard Wilpon, co-CEOs). The transaction was negotiated through Tyler Anderson, Sean Cunningham,Asher Gunter and Matt Pesch of CBRE in Phoenix. Maricopa County records show IMT Capital III Deer Valley LLCacquired the real estate using a $500 million credit facility from Freddie Mac(Federal Home Loan Mortgage Corp.). In April 2008, BREW reported Sterling American Property paying $85.2 million ($102,404 per unit) to acquire Deer Valley Village apartments. The complex, which was built in phases in 1996 and 2000, is now being called IMT Deer Valley. The With the acquisition, the privately-held IMT now owns 3,232 apartment units in seven Phoenix-area projects. The company also owns multi-family assets in California, Colorado, Texas, Florida and Georgia. The projects are managed by affiliate IMT Residential, which currently manages more than 20,000 apartment units in six states. IMT Capital is looking for additional multi-family investment opportunities in the Valley, as well as other target markets. In its last Phoenix-area purchase reported by BREW in August 2004, IMP (formerly called Investors Management Trust Real Estate Group) paid $24 million ($46,875 per unit) to buy the 512-unit Desert Palm Village apartments at 1215 E. Vista Del Cerro in Tempe. In addition to those two communities, IMT owns the 292-unit Rancho Murietta apartments at 1717 S. Dorsey Lane in Tempe; the 420-unit Del Coronado apartments at 843 S. Longmore Street in Mesa; the 406-unit Moorings at Mesa Cove apartments at 1233 N. Mesa Drive in Mesa; the 464-unit Superstition Vistaapartments at 450 S. Acacia Street, and The Meadows, a 306-unit community at 2151 E. Southern Avenue in Mesa. |
