Monday, July 16, 2012

Virtu Investments Buys the Cortona at Dana Point Apartments

VIZZDA—July 16th, 2012 -- Cydney White, First Vice President of Equity Residential, has completed the sale of Cortona at Dana Point Apartments—a 222-unit complex at 1440 S. Val Vista Drive in Mesa. Scott McWhorter, Principle of Virtu Investments, paid $17.4M or $77,678 per door for the 19-building multifamily complex. Virtu tendered $4.366M and received $13.034M in financing from CBRE Capital Markets, Inc., maturing August 1, 2019 and assigned to Freddie Mac following origination.

The 2 -story complex was built in 1986 on 11.04 acres zoned R-3. The property was re-developed by Evans Whitycombe Residential in 1997. Per CBRE broker flyer:

Interior unit amenities include full-size washer/dryers, fully-appointed kitchens with breakfast bars and pantries, built-in computer desks and niches in select units, mirrored closet doors in select units, walk-in closets, wood-burning fireplaces in select units, and private patios and balconies

The apartments were previously acquired by a partnership of Evans Withycombe Residential and Copley Advisors prior to a February, 20th 1990 recordation of cross-collateralized debt. Evans Withycombe purchased the outstanding shares in the property from Copley Advisors in a related-party transfer on August 17th, 1994 for $7,820 and the assumption of existing debt. Equity Residential announced the acquisition of Evans Withycombe Residential August 29th, 1997 for $1.06B.

Equity Residential had previously listed the property through CBRE for $19.15M or $86,261/unit. This is the third major disposition in the Phoenix Market for Equity Residential covered by Vizzda.

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Ed Moore
Research Analyst

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