August 16, 2016
Passco Cos. LLC acquired the 389-unit Almeria at Ocotillo in Chandler, AZ. The Irvine, CA-based buyer paid $81.9 million to Bell GD Ocotillo LLC for the Class A multifamily property at 2470 and 2471 W. Edgewater Way.
The seller was a company formed by P.B. Bell Cos. in Scottsdale, and Gilbane Development Co. in Providence, RI. The two companies developed the property, which was completed in 2014. Tyler Anderson, Sean Cunningham, Asher Gunter and Mark Pesch, with CBRE in Phoenix, negotiated the transaction.
Almeria at Ocotillo is Passco’s second buy within the past six months. Passco now owns 1,079 units throughout the Phoenix area.
For comments, questions or concerns, please contact Amy Sorter