RedHill/Shelter Asset JV sells Phoenix apartment property – Multi-Housing News

A joint venture between RedHill Realty Investors LP and Shelter Asset Management sold The Grove Deer Valley, a community in Phoenix, for $46.8 million, Multi-Housing News reported Feb. 2, citing Yardi Matrix data.

A partnership between Shefflin Investments LLC and Western Investment Partners bought the nine-building property consisting of 208 apartment units at 15645 N. 35th Ave., according to the report.

CBRE Capital Markets originated a nearly $28 million Fannie Mae loan for the transaction, while Institutional Property Advisors brokered the deal on behalf of the seller, the report noted.