VIZZDA–August 22, 2012 – Archstone, one of the nation’s
largest owners of apartments sold Pillar at San Tan--a 315 unit apartment
community located East of the Northeast corner of Pecos Rd and the Loop 101 in Gilbert for $46.3m or $146,984 per door.
Mr. James Almon of Private Portfolio Group acquired the
property for $46.3M with $16.685M down and $29.615M new debt with Freddie Mac
originated by Northmarq and maturing September 1st, 2019. The buyer and seller entered into
a purchase agreement dated July 3rd, 2012.
The gated “Class A” property--formerly known as Ironwood
at Santan--was built in 2008 by Archstone and includes one to three story
buildings on 15.21 acres. Units average 982 square feet and are divided as follows: 163
1/1, 136 2/2, and 16 3/2.
Archstone originally acquired the land through
one of its entities on October 11th, 2005 for $3,112,180. Most recent debt included two
notes with Prudential Life Insurance Co: a $230M master debt plus a $28,297,725
note maturing August 5th, 2012. The sale of Pillar at San Tan comes after Archstone's parent--a co-venture between Lehman Brothers FSB and Tishman Speyer--filed
for a $100M public offering of the company on August 10th, 2012.
BY:
Hadden Schifman
Managing Director
hadden@vizzda.com
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