Texona Huntington Apartments Noticed For Trustee Sale $18.0M or $37,500 Per Door

Vizzda -- 12/4/2012 -- Lattitude Management Real Estate Investors, acting as the servicer for a securitized financial instrument issued by Legg Mason Real Estate Capital, had the trustee record a notice for trustees sale on an $18.0M loan now in default. The loan is secured by the Texona Huntington Apartments, formerly known as the “Tradewinds Apartments,” which is a 480 unit apartment complex located at 2145 W Broadway Rd in Mesa.

The twenty-four buildings 2 and 3-story apartment complex was built in 1975 on 18.72 acres zoned R-4. The apartments were redeveloped as the “Mesa Ridge  Project” with the financial assistance of the Industrial Development Authority funded by a 1999 bond issue. As a result the apartments are bound to an agreement to remain at least 40% low income housing until Febuary 1 of 2014. The apartments have 386,912 SF of rentable space in 480 units and is reported to be 53% occupied at the present time.

The $18.0M debt dates to a 2006 sale with a prior owner. The current owners acquired the property in 2010 and assumed this debt. For a detailed history of this propery and many others please contact Kristopher Thompson at 480-383-9310 (c) or kthompson@vizzda.com and inquire about a Vizzda account.

By:

Edward Moore

Director of Research

Vizzda.com