Vizzda – October 23, 2013
– The Aventerra at Dobson Ranch Apartments sold Tuesday for $38.425m or $66,710
per unit to Bridge Investment Group Partners. The ownership group of Joseph
Rosen & Michael Thom, doing business as Summit Equities Investments, had
acquired these apartments in a bank sale on November 1, 2011 for $29.1m or
$50,520 per unit, financed in part by an Freddie Mac multifamily loan of
$22.388m. Bridge Investment Group Partners are assuming this loan and have
taken on a second Freddie Mac loan in the amount of $5.5m. Joseph Rosen,
president of Summit Equities Investments, and Danuel Stranger, chief investment
officer of Bridge Investment Group Partners, closed the deal.
The Aventerra at Dobson
Ranch Apartments is located north of the northeast corner of Dobson and
Guadalupe roads at 1960 West Keating Ave in Mesa, Arizona. The complex totals
72 two-story apartment buildings built in two phases, 1978 and 1980, on 29.48
acres. The complex underwent rennovations between 2005-2007 with upgrades to
apartment kitchens and building exteriors. Aventerra totals 576 units with
449,280 rentable square feet in accordance with the following unit mix: 336 1
BR/1BA units of ±680 SF, 80 2BR/1BA units of ±860 SF, and 160 2BR/2BA units of
±950 square feet. Units are individually-metered for electricity.
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