Joint venture acquires multifamily property in Phoenix

Somera Captial Management adds to existing portfolio

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Somera Capital Management has acquired Windtree Village, a 103-unit apartment community located in Phoenix in a joint venture with 3 Street Financial LLC. The value of the transaction was not disclosed. The property, located at 6041 West Thomas Road, is nearby The Veranda a 156-unit apartment community, which the joint venture acquired in August. Windtree Village, built in 1982, is comprised of 71 two-bedroom units and 32 one-bedroom units in eight two-story buildings. 3 Street Financial, LLC, a multifamily operator that focuses on repositioning and strategic demographic marketing, will oversee refurbishment of the property as well as its marketing and management. Somera Realty Value Fund II LP, a private-equity real estate fund, provided Somera's equity to the joint venture. The seller is Lex Windtree Village, an affiliate of San Francisco based Prime Group....