PEM Closes on $89 Million Recapitalization of 1,243 Unit Arizona

PEM is pleased to announce the recapitalization of its Arizona GE Portfolio II, a 1,243 unit portfolio of four apartment communities located in Chandler, Phoenix, and Tucson, AZ. With a market value of $89 million, PEM closed on this transaction on September 18, 2015 in its buyout of GE Real Estate Capital’s interest in the portfolio. The portfolio will continue to be managed by PEM Residential.

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PEM looks forward to following on the historically strong, market-leading operating performance of the portfolio assets, which include Autumn Creek, Union Hills, Enclave and Peaks at Redington.