Pinnacle Holdings of Florida Inc. concluded its 30-year hold on Rancho Las Palmas, a 112-unit multifamily property in Tempe, AZ. The Boca Raton company sold the property at 1249 E. Spence Ave. to Phoenix-based Rincon Partners Ltd. for $18 million ($160,714 per unit). The sale was facilitated by ABI Multifamily's Phoenix-based Institutional Arizona Team—Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick and Tyler Bruggman—in collaboration with Avison Young’s Peter Sherman, Keith O'Donnell and Mark Seale. At the close of escrow,...
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