Investcorp, a New-York based global investment group, has announced a sale of Palm Valley Apartments in Goodyear in Arizona. Titan Real Estate Investment Group, LLC of Greenville, South Carolina acted in an asset management capacity.
The Palm Valley Apartments was owned by Investcorp in January 2003. It is a garden-style with 264-units and was built in 1997 and 1998. The building has 235,832 square feet on 15.9 acres in the western suburbs of Phoenix, Arizona. The Palm Valley Apartments is occupied by 97%.
"Improving market dynamics in Phoenix coupled with high investor interest in Arizona real estate prompted Investcorp to market this asset for sale. We are pleased by the successful disposition of The Palm Valley Apartments and look forward to continuing our relationship with Titan Real Estate Investment Group, LLC”, Peter Petron, an Investcorp Principal said.
Investcorp founded in 1982 deals with existing commercial, hotel and residential high-quality properties. Since then the group has finished transactions with value of almost$25 billion. In 2004 Investcorp sold its 12th property.