Taurus Investment Holdings, LLC, a global private equity real estate firm operating for over 40 years with experience in multifamily, office, logistics, mixed-use and renewable energy sectors, announced today the acquisition of 544 Southern for a purchase price of $31,075,000, marking Taurus’ fourth acquisition in the Phoenix market within the last 12 months.
“With no major deferred maintenance, 544 Southern represents an excellent opportunity to create further property value and enhance the community for tenants through Taurus’s proven renovation program,” said CEO of Taurus, Peter A. Merrigan. “The forward-thinking business atmosphere and affordable cost-of-living in Phoenix aligns with our strategy of acquiring assets in dynamic markets that are positioned for growth.”
Built in 1985, 544 Southern is a 114,824 square foot Class-B apartment community with 136 units located in Mesa, Arizona in the rapidly growing Phoenix metropolitan area. The acquisition boosts Taurus’ multifamily portfolio to more than 5,800 units acquired and developed nationwide, and over 725 units in the Phoenix market.
Phoenix continues to be among the fastest growing metropolitan areas in the nation with an impressive roster of employers. Located less than a mile from major highway US-60, the property is an ideal commuter location. With a mix of one and two-bedroom floorplans, 544 Southern also boasts an amenity package including a fitness center, pool and barbeque area, and a playground.
“We continue to be encouraged by the excellent fundamentals in the Phoenix metro area and look forward to expanding our presence in the market as Phoenix continues to be an attractive destination for new residents, companies, and investors for many years to come,” said Max Dorsch, Acquisitions Director at Taurus.