VIZZDA—December 17th, 2013 — A joint-venture
between Mark-Taylor, Inc. and Kitchell Development Company has sold an 80.22%
stake in San Marquis Apartments in Tempe to two California-based real estate
investors for $32,254,858 or $143,994 per unit. The new tenants-in-common, Mark
Carter of Sequoia Equity and Richard Dewey of Dewey Land Company, tendered
$5,754,858 in cash for the property and secured an additional $26m in debt with
Nationwide Life Insurance Company, Maturing January 5th, 2021.
The 224-unit complex was completed in 2012 on a 10.09-acre
site west of the southwest corner of Rural and Baseline Roads that Kitchell had
previously planned for development as a shopping center. It is comprised of
seventeen 1, 2 & 3-story buildings totaling 239,509 ft2. The
gated community has four garage buildings, a resort-style pool. There are five
one-bedroom floor plans ranging from 645 ft2 to 910 ft2,
eight two-bedroom floor plans ranging from 1083 ft2 to 1,321 ft2
and two three-bedroom floor plans of either 1,327 sf2 or 1,442 ft2.
Kitchell previously acquired the land on which the project
sits on October 31st, 2008 for $5m or $11.37 per unimproved square
foot with $1.9m down and $3.965m in new debt with Bank of America, which was
released in December of 2009. Kitchell entered the current selling entity on
August 4th, 2010 by selling its land holdings into the joint-venture
for $4.5m. Following approval of the new plans by Tempe City Council, the
joint-venture was able to secure $23m in new construction debt with US Bank.
By:
Paul Dionne
Director of Analytics
Vizzda.com
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