Principal Real Estate Investors’ $210.4 million Acquisition of Optima Sonoran Village


Perkins Coie represented Optima, Inc., a vertically-integrated, luxury residential development firm providing development, architecture, design, construction, sales, and property management services, in its sale of Optima Sonoran Village, a complex of modern luxury apartments in Scottsdale, Arizona for $210.4 million to Principal Real Estate Investors.

In addition to the sale, the transaction included the reinvestment by Optima in Optima Sonoran Village through a joint venture with Principal Real Estate Investors, and the development by Optima – on behalf of the joint venture – of a 176 unit multi-family residential project on the last remaining development parcel in Optima Sonoran Village.

Principal Real Estate Investors manages or sub-advises $75.9 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group

Led by Perkins Coie Chicago partner Daniel Marre (Picture), the Perkins Coie team included a core group of attorneys consisting of Chicago partners Phillip Gordon and Alexandra Cole, Phoenix senior counsel Mala Clancey, Phoenix associate Sean Berens, Phoenix partner Ron Lowe, and Phoenix paralegal Karina Canedy. Also making invaluable contributions to the transaction were Chicago partners Jaclyn McNally and Richard Peterson, and Chicago associate Neva Wagner.

Involved fees earner: Daniel Marre – Perkins Coie; Phillip Gordon – Perkins Coie; Alexandra Cole – Perkins Coie; Mala Clancey – Perkins Coie; Sean Berens – Perkins Coie; Ronald Lowe – Perkins Coie; Jaclyn McNally – Perkins Coie; Neva Wagner – Perkins Coie; Richard Peterson – Perkins Coie;

Law Firms: Perkins Coie;

Clients: Optima, Inc.;

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Author: Ambrogio Visconti