Monday, June 11, 2012

Four Large Apartment Complexes Change Hands Friday, June 8th 2012

VIZZDA—June 11, 2012 -- Three apartment complexes were sold and one reverted to beneficiary in a trustee’s auction in the Greater Phoenix area last Friday. The properties ranged in size from 144 to 488 units and in sales price from $5.8m to $10.5m—totaling roughly $29.5m in transactions. They are as follows:

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!

Paul Dionne
Research Analyst

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