Vizzda –
July 16, 2013 – The Sonora Canyon Apartments were sold Monday to Lone Star
Funds for $30.0m or $ 77,320 per door. The
apartments had been owned by Orix Real Estate Capital. Scott Cronister chief
operating officer of Orix and Marc Lipshy vice president of Lone Star closed
the deal. Lone Star financed the deal with a $494,262,293 acquisition loan funded
by Citibank & Royal Bank of Canada maturing July 8, 2015.
The
Sonora Canyon Apartments are located south of the southeast corner of Gilbert Road
and University Drive at 265 N
Gilbert Rd in Mesa. This 388-unit
2-story apartment complex totals 33 buildings and was built in 1984 on 15.80
acres zoned RM-4. Sonora Canyon features a mix of eight different unit styles
with 224 one-bedroom and 164 two-bedroom apartments totaling 312,880 rentable
square feet. The apartments are individually metered for electricity.
Mercury Investments of Duluth previously acquired these
apartments from a Capital Associates joint venture on August 21, 2000 for
$16.875m or $43,492 per door with $14.428m debt with First Union Bank. Mercury
Investments sold to Security Properties of Seattle on September 21, 2005 for
$22.15m or $57,087 per door with $22.15m debt with GMAC Commercial Mortgage.
Security Properties sold to Orix Real Estate Capital on January 17, 2007 for
$33.3m or $85,824 per door with no debt.
Edward
Moore
Director of Research
Director of Research
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