Angelo, Gordon and Slavin Pay $43M for Multi-Family Asset

By Alex Girda, Associate Editor

In a $42.5 million deal, Angelo, Gordon & Co. L.P. and its partner, Slavin Multifamily Advisors LLC, have acquired  Villa Salerno Apartments in Northeast Phoenix from an affiliate of Colony Realty Partners, the Phoenix Business Journal reported.

Constructed in 1996 by Mark-Taylor Development, the 412-unit Villa Salerno complex had been under the ownership of Boston-based Colony Realty for about four years. Angelo, Gordon and Slavin Multifamily assumed a $25 million loan from Freddie Mac as part of the transaction. Buyer equity and a new $3.4 million loan from Freddie Mac make up the rest of the financing package.

Angelo, Gordon and Slavin previously teamed up in Phoenix to buy the Boulevard Apartments, a 294-unit complex acquired by the joint venture in 2010. On its own, Angelo, Gordon recently acquired the U.S. Bank Center in Downtown Phoenix, Arizona’s second tallest building. The New York City-based hedge fund bought the property at auction in May for a discounted price of $36 million.