VIZZDA—November 23rd, 2012 — Adrian Goldstein of
Gelt, Inc. and Warren Breslow of Goldrich & Kest have acquired Mission
Springs Apartments in Tempe for $23m or $75,163.39 per unit. The purchase was
financed with $17m new multifamily debt originated by CBRE Multifamily Capital
and assigned to Fannie Mae.
The 306-unit complex is 97% occupied and consists of 27 one
and two story buildings totaling 227,481 ft2. The master-metered
complex sits on 13.28 acres and was completed in 1987. Allison Shelton Real
Estate Services will continue in its capacity as property manager. The unit mix
is as follows:
Units
|
Bedrooms
|
Bathrooms
|
Average ft2
|
Base Rent
|
72
|
0
|
1
|
506 ft2
|
$664
|
80
|
1
|
1
|
635 ft2
|
$715
|
90
|
2
|
2
|
804 ft2
|
$831
|
64
|
2
|
2
|
884 ft2
|
$841
|
The most recent non-distressed sale of Mission Springs took
place on March 8th, 2006 when Fairfield Residential acquired the
property for $28.85m with $8,947,768 down and $21.2m new debt with Nationwide
Life Insurance Company. Nationwide issued a notice of trustee sale for the
property on August 10th, 2009 and it reverted to Nationwide on
November 20th, 2009 with a $13.4m credit bid.
Abbot Apter of Mercury Investments paid $15.4m or $50,326.79
per unit on July 29th, 2010, with $3.9m down and $11.5m new debt
with Aetna Life Insurance Company. A $23m sales price represents a 21.9%
annualized rate of return.
By:
Paul Dionne
Director of Analytics
Vizzda.com
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