La Privada Sells To GE Asset Management

VIZZDA, June 1, 2012 -- La Privada – a 350 unit apartment complex at 10255 E Via Linda in Scottsdale – was sold May 30^th, 2012 by the ConAm Group of Companies to GE Asset Management for $45.6M or $130K per door. The two-story apartment complex consists of 39 structures built in 1985 on 36 acres. The complex features such amenities as two swimming pools, a tennis court, and putting green. 
There are 4 floor models available ranging from 867 to 1,608 SF which all feature wood-burning fireplaces and upgraded kitchens. ConAm acquired the property March 2^nd, 2009 for $32.0M or $91.5k per door from iStar Financial with $20.2M new debt with Freddie Mac originating through GEMSA Loan Services (a CBRE/GE Real Estate joint-venture) with the debt maturing 3/1/16. 
This debt was modified to $24.6M and assigned to Freddie Mac 12/16/10 and finally released 1/27/11. The buyer has put $20.3M down with $25.3M in financing with Fannie Mae originating with CBRE Multifamily Capital. CBRE is also reported to have brokered the deal.
By:

Edward Moore

Research Analyst

(480) 444-8436

emoore@vizzda.com