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November 10th, 2011
HCW, LLC Sells DC Ranch Property in Scottsdale, AZ

AEW CAPITAL MANAGEMENT FUND SPENDS $55.42 MILLION FOR SCOTTSDALE APARTMENTS

Scottsdale - A company managed by AEW Capital Management L.P. in Los Angeles, Calif. paid $55.422 million ($167,945 per unit) to buy the 330-unit Glen Eagles apartments at 8275 E. Bell Road in Scottsdale. The seller was Gleneagles Apartments LLC, a company formed by Pillar Communities LLC in Seattle, Wa. (Jim Almon, principal). The sale was brokered by Tyler Anderson, Sean Cunningham and Gunter Asher of CB Richard Ellis in Phoenix. Records show MP GlenEagles Apartments LLC (the AEW entity) paid cash for the property. Over the years, BREW has reported companies managed by AEW Capital Management buying, developing and selling numerous investment assets in the Phoenix area. AEW Capital Management provides real estate investment management services to investors worldwide. AEW and its affiliates currently manage more than $48 billion of real estate assets and securities. The company is looking for additional investment opportunities in the Phoenix area . . . that includes office and multi-family properties. In December 2010, BREW reported a company formed by AEW paying $42.3 million ($169,200 per unit) to purchase The Palladium, a 250-unit apartment community at 4111 N. Drinkwater Boulevard in Scottsdale. AEW is also part of a venture that is planning to develop 270 apartments just east of the Camelback Esplanade at the southeast corner of Camelback Road and 26th Street in Phoenix. BREW has also reported companies formed by Almon buying and selling numerous apartment projects in the Valley. In November 2001, BREW reported Almon's company paying $35 million ($106,061 per unit) to acquire Glen Eagles apartments. The multi-family community was built in 2001. The contact at AEW Capital Management is George McNee . . . call him at (213) 312-2600. Learn more from Almon at (206) 328-9346. Call the CBRE agents at (602) 735-5555.

SOURCE: Business Real Estate Weekly of Arizona

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