Monday, August 13, 2012
Hamilton Zanze Purchases The Arbors Apartments
VIZZDA -- August 13th, 2012 – A 200 unit apartment complex at 805 W Brown Street in Tempe was sold by AIMCO Apartments to Hamilton Zanze & Co for $12.2M or $61.0K per door. The 41 building apartment complex was built between 1959 and 1967 on 6.74 acres. The apartments were previously acquired by Winthrop Financial Associates on August 16th, 1993, with no sale price recorded. The property was encumbered with $3,168,047 debt with Lexington Mortgage Company. Winthrop Financial Associates was purchased by AIMCO on October 31st, 1997 with a reported aggregate purchase price of $253.5M.
At the time of purchase Winthrop listed assets comprised of 8,175 units in 35 apartment communities. The Arbors--then the Grovetree Apartments--were sold to AIMCO on November 5th, 1997 for $7.0M or $35.0K per door, Winthrop’s remaining debt was released at that time. AIMCO is reported to have paid $116.1M in cash and incurred $120.0M debt in 33 mortgages for 20 years at 7.0% in the acquisition. This includes a $3,916,538 loan with GMAC Commercial Mortgage on “The Arbors”, released December 7th, 2009. The principles on the deal were John Bezzant, executive vice president of AIMCO, and Mark Hamilton, chief executive officer of Hamilton Zanze & Co.
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