Cityscape at Lakeshore Apartments Purchased by Fairfield Residential

--> VIZZDA – October  2, 2012 –  a 214 unit apartment complex at 4630 S Lakshore Dr in Tempe was sold by Charles B Duff, president of Farnam Realty, to Richard L Boynton, vice president of Fairfield Residential, for $22.65M or $105,841 per door with $8,081,939 down and the assumption of a Fannie Mae Multifamily loan with a current balance of $10,628,061 a rate of 4.55% and a maturity date of December 1, 2020 and the issuance of an additional, junior, $4.3M Fannie Mae Multifamily loan  originated with Amerisphere Multifamily Finance.

This 214-unit two and three story apartment complex consists of fourteen buildings, totaling 247,011 SF rentable, built in 1995 on 12.33 acres. The apartments are individually metered for electricity and water and were 95% occupied at time of sale. The unit mix for the Cityscape Apartments is:

 

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Name	# Units	# Bedrooms	# Baths	SF	Rent $/Mo
Orion	48	1	1	758	$819
Cygnus	16	1	1	780	$869
Capella	11	1	1	794	$859
Cassiopeia	16	2	2	1,055	$1,029
Centaurus & Pegasus	87 (total)	2	2	1,070	$959-$1,044
Andromeda	36	3	2	1,261	$1,254

 

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Farnam Realty acquired the the apartments January 15, 2002 from Invesco Realty Advisors of Dallas for $17.75M with $6.45M down, $403,360 allocated to personalty per the Affidavit of Value, and $11.3M debt with Jefferson Pilot Financial Insurance Co. , planned to mature February 1, 2012, but released January 20, 2011. On December 1, 2010 Farnam took on a $10.925M Fannie Mae Multifamily loan originated through Amerisphere Multifamily Finance and with a rate of 4.55% and a maturity date of December 1, 2020.  This loan is the senior lien on the property and has been assumed by Fairfield Residential in the current sale.  Fairfield Residential has recently acquired another Tempe apartment complex – the Tempe Grove Apartments – find the details here. 

Rue Bax, John Kobierowski, Alon Shnitzer, Eddie Chang, and Doug Lazovick of ORION Investment Real Estate negotiated the transaction.

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