Vizzda—July 22nd, 2013 — John Gochberg of TGM
Associates completed the sale of two multifamily assets in the Tempe market at
the end of last week for a total of $30.3m for 472 units or $64,195 per unit.
The buyer was a joint-venture formed by Stratford Partners of Del Mar and JLL
Ventures of San Diego, California. Andy Crews and Jesse Wilson are the
principals of Stratford, while JLL is made up of Luis and Jack Maizel and
Leonardo Simpser.
Somerset Village is a 276-unit apartment complex in fifty
eight one and two story buildings totaling 246,891 ft2 built in 1981
on 13.33 gross acres. The $18.3m sale price was furnished as $3.66m in cash and
a $14.65m new loan from Berkeley Point Capital maturing August 1st,
2023 and assigned to Freddie Mac (FHLMC) at origination. TGM Associates had
previously acquired the property on October 2nd, 1996 for $11.1m or
$40,217 per unit and did not encumber the property over its holding period.
El Dorado Village is a 196-unit apartment complex in
nineteen two and three story buildings totaling 164,557 ft2 built in
1985 on 2.14 gross acres. The $12m sale price was furnished as $2.4m in cash
and an additional $9.6m in new debt with Berkeley Point Capital—also assigned
to Freddie Mac and bearing the same maturity as the above referenced note. TGM
Associates had previously acquired the property on August 1st, 1996
for $8.05m or $41,071 per unit. As with Somerset Village, the property did not
secure any new debt under TGM Associates.
For market-leading information on this and any other
commercial property, visit Vizzda.com to schedule a demonstration or begin your
subscription.
By:
Paul Dionne
Director of Analytics
Vizzda.com
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