Friday, September 7, 2012

Humberto Lopez Buys Broadstone at Queen Creek for $28m

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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