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.