Vizzda
– October 3, 2012 – The Broadstone Ahwatukee Fairways, a 310 unit apartment
complex at 13220 S 48TH St, was sold by a joint venture of Alliance Residential
and AEW Capital Management for $27.2M or
$87,741 per door to Colrich of San Diego with the deal recording October 2,
2012. Colrich took on a new $21.8M Freddie Mac loan maturing October 1, 2022 and
originated through CBRE Capital Markets.
The
Fairways is a 2-story apartment complex in 26 buildings, totaling 302,660 SF, built
in 1987 on 11.31 AC. Per the broker flyer here
125 units have been refurbished and have new appliances. The apartment complex
was reported to be 92% occupied at time of sale. The apartments are individually metered for
water and electricity. Colrich has brought in Riverstone Residential Group to
manage the community. The unit mix is:
# of units
|
# Beds
|
# Baths
|
SF
|
RENT
|
1
|
0
|
1
|
550
|
$735
|
65
|
1
|
1
|
726
|
$819
|
186
|
2
|
2
|
1040
|
$946
|
58
|
2
|
2
|
1060
|
$999
|
The
joint venture between Alliance Residential and AEW Capital Management acquired
the property December 28, 2006 from DRA Advisors (New York) as one of fifteen
multifamily properties acquired at the end of 2006 in 3 states. The “Fairway Crossings Apartments” were
purchased for $31.4M or $101,290 per door with $8.0M down and $19,473,900 total
debt including the assumption of a $12,816,000 Freddie Mac Loan originated October 26, 2004 with HSBC Bank – for prior owners DRA Advisors – and a new $6,657,900
Freddie Mac loan also originating through HSBC Bank, both loans mature November
1, 2012.
Danny
Gabriel of Colrich and Alison Husid of AEW Capital Management closed the deal.
The
Alliance Residential / AEW Capital Management joint venture has been selling
off their multifamily holdings. Read about the sale of Broadstone on Twelfth here
and Broadstone Desert Horizon here.
Director of Research
Vizzda
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