The Painted Trails Apartments sell for $25.75m

Vizzda – June 20, 2013 – The Painted Trails Apartments sold Wednesday for $25.75m or $131,377 per door with $10.5m down and $15.25m debt with Bank of America. The seller is Jeff Nielson of Wasatch Commercial Management and the buyer is William R King of RK Properties.

The Painted Trails Apartments is a 196 unit two and three story apartment complex of eleven buildings built in 2007 on 12.99 acres zoned MF/M. It is located east of the southeast corner of Recker and Pecos Rds at 4255 East Pecos Rd in Gilbert. The complex contains a mix of 1, 2 and 3 bedroom apartments totaling 187,580 ft². The property is individually metered for electricity.

Wasatch Commercial Management previously acquired the Painted Trails apartments on November 25, 2009 from Fairfield Residential for $15.68m or $80.0k per door with $5.5m down and $10.0m debt with US Bank. $1.9 of this prior sale price was attributed to personalty. Wasatch had acquired this property tennancy-in-common with five entities and on August 2, 2010 they consolidated this ownership interest into one entity coincidentally with the issuance of a new debt on the property: a $10.4m Freddie Mac loan (FHLMC) originated with Deutsche Bank, maturing September 1, 2017. The debt was securitized (CMBS) in 2011 and released with the June 19, 2013 sale.

Edward Moore
Director of Research

emoore@vizzda.com
www.vizzda.com