Centrado Apartments Sold for $12.35m to Jevan Capital

--> VIZZDA—September 13^th, 2012 — Centrado Apartments, a 180-unit complex located at 2045 E Broadway Road in Tempe was sold to Jason Buxbaum of Jevan Capital for $12.35m or $68,611.11 per door. Buxbaum paid $2.47m in cash for the property and secured $9.88m new debt with Northmarq Capital which matures October 1^st, 2019 and which was assigned at origination to Freddie Mac.

The seller, Jackob Anderson of Merchant Property Group, previously acquired the property on December 17^th, 2010 for $9.1m or $55,555 per door from the Royal Bank of Canada. The affidavit of value that recorded with the prior sale did not list a cash down payment; Financestream Inc. provided $9,109,181 in financing for the acquisition. This debt was released July 15^th, 2011 following issuance of a $5.7m new debt with Great West Life and Annuity Insurance Company issued April 27^th, 2011.

The 23-building complex totals 139,321 ft² per the Maricopa County Assessor. It was built in 1972 on 9.49 gross acres and zoned R-4. It is individually metered for electricity. The $12.35m sales price represents a ~20.4% annualized rate of return.

By:
Paul Dionne
Director of Analytics
pdionne@vizzda.com