Arboretum at South Mountain Apartment Complex Sells for $45.5 Million

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California-based KB Investment Development purchased the 312-unit Arboretum at South Mountain apartment complex yesterday for $45.5 million. The sale was funded by a loan of nearly $32 million with Hunt Mortgage Group.

The Arboretum at South Mountain consists of thirteen three-story buildings near the northwest corner of the I-10 and Chandler Boulevard. Renovated in 2007, the property includes one, two, and three bedroom floorplans, in-unit washers and dryers, and gated access.

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