With the competition for multifamily assets still heated in major coastal metro areas, buyers are starting to look at the surrounding areas for opportunities. Here's a look at a few announced this week:
Phoenix,-based Bascom Arizona Ventures has acquired a 528-unit complex in Phoenix for $35.6 million and a 256-unit property in Mesa, Ariz. for $14.4 million. Both are garden properties and the latter has a projected 6 percent cap rate for next year.
New York City-based Care Investment Trust purchased a portfolio of 7 senior housing properties for $106.5 million. The properties total 410 units and are located in New Jersey, Pennsylvania, and Colorado. The average occupancy is 94 percent.
San Francisco-based McMorgan & Company acquired a 137-unit high-rise property in Medford, Mass. for $40.1 million.
Memphis-Tenn.-based MAA purchased a 323-unit property in Kansas City, Mo. for an undisclosed sum.
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