RedHill Realty Investors has acquired Flagstone Apartments, a 376-unit property located in the Phoenix submarket of Tempe. The deal closed for $35 million, or roughly $93,000 per unit. Flagstone joins Madera Point, South Creek and Pinnacle Grove as Phoenix-area additions to RedHill’s growing stable of properties.
“We’re pleased to welcome Flagstone to our rapidly growing roster of desert properties,” says Russell Dixon, founder and chief executive of privately held RedHill.
“Phoenix area fundamentals remain strong, and Flagstone is a great example of this. We look forward to improving tenant life and increasing Flagstone’s property value,” adds Dixon.
RedHill is actively pursuing $350 to $500 million in assets throughout the western U.S. RedHill teamed up with GE Real Estate as a joint venture partner on the Flagstone purchase. GE Real Estate’s joint venture group co-invests with partners using preferred or common equity to buy, reposition, manage and develop assets across most commercial real estate sectors. Most of its equity investments will be made in the multifamily, office, industrial and retail sectors.