Source: The Pivotal Group / #Apartments #Multifamily
PHOENIX, AZ - An affiliate of Pivotal Group has sold 3,128 apartment units as part of a 21-apartment community portfolio located in Midland, Odessa and Longview, Texas. The portfolio has been extensively renovated since it was acquired a little more than two years ago. The purchase price for this private transaction is not being disclosed.
“Our strategy of investing in markets with strong economic fundamentals and adding value through thoughtful renovation worked well for us here,” said Francis Najafi, CEO of Pivotal Group.
“We are looking for similar opportunities in other parts of the U.S.,” added Scott Knauer, Managing Director of Pivotal Group.
Orion Residential provided property and construction management services. CBRE represented Pivotal Group in the sale of the portfolio.
Based in Phoenix, Arizona, Pivotal Group is one of the nation’s leading investment companies with a primary concentration on private equity and real estate investment and development. The heritage of Pivotal Group is that of a family office, truly an entrepreneurial firm that benefits from more than a quarter century of business experience conducted throughout the United States.