Vizzda – December
20, 2012 – Camden Property Trust, through Senior Vice President Karen A Church,
has acquired the Montierra Apartments for $45.7M or $183,534 per door from
Equity Residential,represented in the sale by Senior Vice President Cydney
White.
The Montierra
Apartments consist of 249 individually-metered units in nine 2&3-story apartment
buildings totaling 266,649 square feet. It was built in 1998 on 10.61 AC zoned
R-5. Camden will be managing the property. Unit mix and more details may be
found in the broker flyer here.
Equity
Residential acquired the apartments through the acquisition of the prior owner,
Evans Withycombe Residential, which Equity acquired for a reported $625 in August
of 1997. The real estate transfer took place on April 30, 1999 in a related-entiry
transaction with no saleprice and no debt. The property was included in the
cross-collateralization for a Fannie Mae Loan recorded June 10, 2005 for a
total of $126.452M, with the debt released July 10, 2009. The property was
collateral for a $17,858,854 Freddie Mac Loan originated July 1, 2009 with
Deutsche Bank, and cross collateralized by agreement with 12 other loans before
assignment to FHLMC, this debt was released with the current sale.
Camden did not
list a cash payment for the property and no debt was recorded with sale. That
being said, on December 7th, Camden issued $350M in 2.95% notes dues
2022 to JP Morgan Chase, Merrill Lynch, U.S. Bancorp and Wells Fargo Securities
as underwriters. This acquisition is the second of two major multifamily This is
the second of two major multifamily acquisitions by Camden in as many days,
totaling $92.6M for 569 units in Scottsdale, AZ.
Edward Moore
Director of
Research
www.vizzda.com
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