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| Future Site of the Lofts at Hayden Ferry |
VIZZDA—April 16th, 2013 — A joint-venture formed
by Sunbelt Holdings and Rockpoint Group of Dallas, TX has sold a 3.695 acre
parcel within the Hayden Ferry development for $5.85m or $36.30 per ft2.
The buyer is Oliver McMillan through its CFO and Secretary, William Persky. Oliver McMillan is a luxury multi-family and mixed-use developer founded by Morgan Dene Oliver and James McMillan and
based in San Diego. The group financed the transaction with a $2.925m
promissory note and a term loan in the same amount with Bank of America. No additional construction debt was located with the sale, though should additional sums be made available, Vizzda will update this post to accurately reflect the state of project financing.
The site is planned for “The Lofts at Hayden Ferry”, a
264-unit apartment complex in one 4-story building totaling 327,182 ft2. The development will also feature
fifth-floor loft space in select units and a 2-story sub-grade parking facility
containing 459 parking spaces and totaling 197,633 ft2 for a
combined project square footage of 524,815 and a density unit per acre of 71.4.
Despite the proximity of the site to Arizona State University’s Tempe Campus,
planning documents associated with the parcel make no mention of dedicated
student housing.
The proposed unit mix is as follows:
Number of Units
|
Bedrooms
|
Bathrooms
|
Average ft2
|
15
|
0
|
1
|
575
|
77
|
1
|
1
|
741.66
|
89
|
2
|
2
|
1120
|
26
|
3
|
2
|
1314
|
25
|
1 w/ Loft
|
1
|
867
|
32
|
2 w/ Loft
|
2
|
1358
|
Sunbelt Holdings and Rockpoint Group acquired the property
from the now-defunct SunCor Development on September 15th, 2010 for
$250k or $1.55 per ft2 as part of a $7,581,095 portfolio sale that
included both raw land and improvements in several valley markets. While the
prior sale price is likely depressed because of its inclusion in the larger
portfolio—as well as the rapidly deteriorating financial condition of the
seller—we calculate the annualized rate of return to be in the vicinity of 890%
depending on carrying costs to the joint-venture, which are assumed to be nominal.
By:
Paul Dionne
Director of Analytics
Vizzda.com
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