Friday, August 17, 2012

Broadstone Desert Horizon Purchased By Waterton Residential

VIZZDA--August 16th, 2012 -- Broadstone Desert Horizon–a 514-unit apartment complex at 16636 N 58th St–was sold by a joint-venture between Alliance Residential and AEW Capital Management for $48.25M or $93,871 per door.  Waterton Residential paid $13.75M in cash and secured a $34.5M Fannie Mae loan originated through CWCapital. 

The two-story apartment complex consists of 39 structures built between 1986 and 1988 on 22.87 acres, zoned R-3. The unit mix includes 10 models available ranging from 697 SF to 1,145 SF offered between $670-$1,295 per month. There is considerable variability in rents between models due to a the variety of amenities and stages of refurbishment. 

The joint venture between Alliance Residential and AEW Capital Management acquired the property December 26th, 2006 from DRA Advisors of New York as two of fifteen multifamily properties in three states:
  • “La Entrada” -- 130 units built 1988 -- was purchased for $15,668,000 or $120,523 per door with $8.0M down and $10,830,900 total debt, including: $5,268,900 Freddie Mac loan originated by HSBC Bank and the assumption of a $5,562,000 Freddie Mac loan, itself in two notes: a $4,449,600 fixed rate loan and a $1,112,400 variable rate loan – both originated October 14th, 2004 also through HSBC with DRA Advisors. 
  • “Arabian Trails” -- 384 units built 1986-87 -- was also purchased 12/26/06, for $44,365,000 or $115,533 per door with $8.0M down and $29,623,900 total debt: a new $10,600,900 Freddie Mac loan originated by HSBC and the assumption of $19,023,000 existing debt with Freddie Mac in two notes: $15,218,400 fixed rate and $3,804,600 variable rate – again originated 10/14/04 through HSBC Bank. 
Marc Swerdlow, President of Waterton Residential, closed the deal while Alison Husid, Portfolio Manager for AEW Capital Management, signed documents for the Alliance Residential/AEW Capital Management joint-venture.

Edward Moore
Director of Research

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