Wolf’s Finance World

Multifamily properties continue to trade at a rapid clip in Arizona with two large portfolios changing hands.

Trigild, based in San Diego, announced Friday that it had received permission from the Maricopa County Superior Court to sell the Bethany Group Phoenix portfolio for $123 million. The Irving, Calif.-based Bethany Group had been an active buyer of large apartment communities throughout the West during the time the real estate was heating up.

But after a year or so of market declines, Bethany group walked away from from many properties including seven in Arizona. Those sold to a company named Standard Portfolio include the 460-unit Laguna Village, the 320 Alante at the Islands and the 374-unit Santana Crossing, all in Chandler; the 432-unit Whispering Meadows and the 582-unit Tuscany Palm both in Mesa; the 395-unit Sienna Springs in Phoenix and the 196-unit Verrado Park in Glendale

The Business Journal was unable to determine where Standard Portfolio is based cash till payday. That company name is not registered in STARPAS, a research tool of the Arizona Corporation Commission.

In another deal, the Phoenix office of Colliers International announced that it had overseen the sale of a 1,566-unit portfolio in Tucson.

Hamilton Zanze & Co. of San Francisco, which was self-represented, paid $46.5 million for the seven Class B apartment properties. This acquisition increases Hamilton Zanze’s portfolio to 14,000 units in 14 markets and eight Western states and is the company’s ninth acquisition in 2010.

Colliers represented the seller in the deal but did not disclose its name.

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