Metro Gardens Apartments—an 144 unit complex in 12 buildings
totaling 100,415 SF east of the southeast corner of 35th Avenue
& Peoria—was auctioned by the law firm of Sherman & Howard with
proceeds accruing to the benefit of Freddie Mac. The prior owner and Trustor of
record, Edward Klugman of Arizona Progressive Apartments, acquired the property
through a quit-claim on August 28th, 2008 and encumbered the
property with $6.331m debt issued by Johnson Capital and immediately assigned
to the current beneficiary. The winning credit bid of $6,702,328 represents a
per door price of $46,821.86.
Casa Verde Apartments—a 488 unit apartment complex in 34
buildings totaling 353,256 SF west of the northwest corner of 51st
Avenue & Indian School Road—was sold to John Safi of Safco Capital for
$10.5m or $21,516 per door. The seller, Ron Zeff of Camel Partners, previously
acquired the property from Glenn Toyoshima of HSL Properties August 28th,
1997 for $5,762,500. The complex was built between 1983 and 1984 and features
84 2x2, 236 1x1 with two different floor plans & 48 studios, individually
metered.
Lynwood Apartments—a 300 unit complex in 15 buildings
totaling 291,978 SF west of the northwest corner of 51st Avenue and
I-10—was purchased by Liliana Stoianova for $6.5m or $21,666 per door. The
property was purchased from the original developers, Joel & Gregory
Fernebok of Harvey Property Management, who acquired the project from Charles
Marion Heers on December 31, 1985. The new owners put $700k down and encumbered
the property with two notes: $2.05m with RLS Capital and $3.75 with Bill Levine
of Pacific Coach.
Copper Glen Apartments—a 288 unit complex in 25 buildings
totaling 250,329 SF at the southeast corner of 35th Avenue &
Dunlap—was sold to Ehyan Caldwall of Vancouver, BC for $5.8m or $20,138.89 per
door. This was a bank sale with Brian Griffin (EVP, Special Assets) of First
Financial Bank, NA as seller. First Financial acquired the property through
trustee’s auction on February 3rd, 2011 with a $6m credit bid on
$10m original outstanding debt issued to Larry LeSueur & John Alston when
they purchased the property for $12.1m on August, 18th, 2005. The
property is comprised of 48 3x2 & 140 2x2 master metered apartments, built
in 1973 on a 5 acre parcel.
For more information on these and other commercial real
estate deals in Maricopa County, login to your VIZZDA account or sign up with
VIZZDA today!
By:
Paul Dionne
Research Analyst
pdionne@vizzda.com
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