Monday, July 30, 2012

Waterton Residential Acquires Andante Apartments

VIZZDA--July 31st, 2012 -- Chicago-based Waterton Residential has purchased Andante Apartments for $61.3m or $106,432 per door. Located at 15801 S. 48th St in Phoenix or southwest of the I-10 & Chandler Blvd, the 576 Unit complex totals thirty two two & three story buildings totaling roughly 509k SF constructed in phases from 1999 to 2001 on 25.51 acres. Andante features 3 pools, gates, and 885 average unit SF. The unit mix is 408 1/1 and 168 2/2.

Waterton acquired the Andante with $1M down and $43.35m new debt with CBRE Multifamily Capital, assigned to Fannie Mae following origination. Per Waterton’s website, this marks their first Arizona purchase. The property was sold by JP Morgan Chase’s Strategic Property Fund,
who previously acquired Andante August 12th, 2005 for $58.76M or $102,014 per door. HSBC Realty Credit loaned $26,032,000 of debt on the property on August 8th, 2008 which matures August 1st, 2015. SNK Development originally constructed the property.

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Hadden Schifman
Managing Director

1 comment:

  1. This is for Andante apartments in Chicago... and not for Phoenix AZ, right? (Just making sure)


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