Friday, August 24, 2012

Broadstone on Twelfth Purchased by Gelt Inc

VIZZDA – Aug 24, 2012 – a 150 unit apartment complex at 1212 E Bethany Home Rd was sold by a joint venture of Alliance Residential and AEW Capital Management for  $9.05M or $60,333 per door with $2.15M down and a $6.9M Freddie Mac loan through CBRE Capital Management  – with the deal recording August 23, 2012. The two-story apartment complex consists of 19 structures built in two phases: 1971 & 1984 on 4.85 acres zoned R-3A.

The unit mix (per CBRE broker flyer / pro forma link).

The joint venture between Alliance Residential and AEW Capital Management acquired the property December 26, 2006 from DRA Advisors of New York as one of fifteen multifamily properties, totaling 3,959 units, acquired at the end of 2006. 

The 150 unit “Posada Del Este” (now “Broadstone on Twelfth”) was purchased for $11,661,000 or $77,740 per door with $8.0M down and $8,271,900 total debt including the assumption of a $5,568,000 Freddie Mac Loan originated October 14, 2004 with HSBC Bank (for prior owners DRA Advisors of New York) and a new $ 2,703,900 Freddie Mac loan also originated with HSBC Bank, maturing November 1, 2012.

Alison L Husid (Portfolio Manager) of AEW Capital Management and Adrian Goldstein of Gelt Inc closed the deal. 

Vizzda blogged the sale of Broadstone Desert Horizon, similar in many respects, on August 17, 2012. 

Edward Moore
Director of Research

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