VIZZDA—September 7th, 2012 — Humberto Lopez, a
Tucson-based multifamily investor and President of HSL Properties, has acquired
the 264-unit Broadstone at Queen Creek for $28m or ~$106k per door. The property—located
North of the Northeast corner of Ellsworth Loop and Ocotillo Road—consists of
forty-eight 3-story buildings totaling 271,553 square feet and was built 2008
on 12.64 acres. It is the multifamily portion of the 68-acre, 318k square foot
Cornerstone at Queen Creek mixed-use power center. The individually metered
unit mix is as follows:
Units
|
Beds
|
Baths
|
SF
|
Rent Range
|
46
|
1
|
1
|
887
|
$790 - $1180
|
46
|
1
|
1
|
904
|
$815 - $1335
|
8
|
1
|
1
|
838
|
$860 - $1325
|
66
|
2
|
2
|
1132
|
$795 - $1295
|
66
|
2
|
2
|
1187
|
$825 - $1275
|
32
|
3
|
2
|
1378
|
$995 - $1530
|
The selling party, Robert Hutt of Alliance Residential,
previously acquired the land on which the complex sits from Robert Mayhall of WDP
on July 23rd, 2007 for $5,783,809 with $34.423m in new financing
from JP Morgan Chase. Mr. Lopez paid $9m cash down payment and secured $19m in
new debt with National Bank of Arizona.
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