TRIGILD SET TO SELL 7 ARIZONA APT. PROPERTIES FOR $123 MILLION

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ARIZONA — A ruling by the Arizona Superior Court has enabled Trigild to sell seven Arizona apartment complexes to Standard Portfolio for $123 million. Currently in escrow, the 2,759-unit portfolio was put into receivership on March 9, 2009 after being abandoned by The Bethany Group. Upon the abandonment, the lender's counsel immediately moved to have San Diego-based Trigild appointed receiver of 13 Bethany properties, including the seven Arizona assets. The portfolio consists of the 460-unit Laguna Village, the 320-unit Alante at the Islands and the 374-unit Santana Crossing in Chandler; the 432-unit Whispering Meadows and the 582-unit Tuscany Palm in Mesa; the 395-unit Sienna Springs in Phoenix; and the 196-unit Verrado Park in Glendale.

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