Pillar Pays $45M for Apartment Complex; Archway Takes 3 MOBs

By Alex Girda, Associate Editor

The Phoenix multi-family market has recorded its latest major trade with Pillar Communities’ acquisition of the San Portella apartment complex in Tempe. The 308-unit residential complex traded for a total of $45.1 million or $146,428 per unit, making it the largest deal of its kind so far this year, the Phoenix Business Journal reported.

Located at 2155 South 55th Street, the property is currently 95 percent occupied. Pillar acquired the property from a joint venture of local company Mark-Taylor Inc. and Des Moines-based Principal Real Estate Investors, which developed the property in 2008.

In other transaction news, Beverly Hills, Calif.-based Archway Holdings Corp. picked up three medical office buildings in two separate deals. Archway paid Chicago-based McShane Corp. $8.6 million for 101 Medical Office Center at 9250 W. Thomas Road and renamed the property Estrella Health Center, the Business Journal reported. Through the purchase of a $5.9 million note, Archway acquired a building at 6553 East Broadway Road, which it renamed Baywood Health Center, and at 6550 East Broadway Road, which is now known as Broadway Health Center.