Two Tempe Apartment Complexes Noticed For Trustees Sale, 239 Units / $8.3M+ Debt

VIZZDA – 11/29/2012 An entity formed by Pacific Western Bank has recorded two notices of trustee sale on apartment complexes just east of the ASU Tempe campus- near Rural & Lemon. Trustee sale auction is set for 2/27/13 @ 10am for both properties.

Campus Pointe
1115 E Lemon St
163 units
Three 4-story buildings, built 1970 on 3.92 ac, zoned CSS
$5.94m noticed debt
Previously purchased 10/14/2004 for $8.4m or $51.5k per unit ($2.46m down).

Riviera Palms
914 E Lemon St
76 units
Three 2-story buildings, built 1963 on 1.92 ac zoned R-4
$2,366,250 noticed debt
Previously purchased 10/13/2004 for $3.2m or $42.1k per unit ($833,750 down).

Pacific Western Bank is the successor beneficial interest after
Affinity Bank (original lender) was closed by the FDIC 8/28/2009; note assigned 5/31/2011.

Vizzda not only tracks all sale comps… we also track the daily pipeline of noticed properties- researching each one with owner contacts, lender contacts, verified property descriptions, transaction history, photos / video, and more. Plus we monitor the entire auction process- updating for cancellations, note sales, postponements, and credit bids. Call Kris today to see what Vizzda can do for you (480) 383-9310.