By: Paul Dionne | Vizzda.com
|Mill Pointe Signage|
April 9th, 2014 — Two Tempe apartment complexes sold yesterday for a combined $27.35m or $62,018 per unit. Steve Wasserman of Gelt, Inc. acquired the properties from Bank of America Community Development with a combination of $6,837,500 in cash and $20,512,500 in new debt with New York Community bank.
The two properties, 201 West and Mill Pointe are located at the northwest corner of US-60 and Mill Avenue. 201 West is a 223-unit apartment complex with sixteen two-story buildings built 1973 on 10.7 acres. Mill Pointe is a 218-unit apartment complex in twenty-two two-story buildings built 1979 on 9.83 acres. The above-mentioned debt is allotted across the two properties as follows:
- $10.362m new debt for 201 West with an $11,398,200 release price
- $10,150,500 new debt for Mill Pointe with an $11,165,550 release price
Per the brokers, Jim Crews and Brett Polachek of Cushman Wakefield, the combined properties were 94% occupied at the time of sale. Mill Pointe’s average rent per square foot across its unit mix is $1.00, while 201 West’s average rent per square foot clocks in at $0.85. The unit mix of the two properties is as follows:
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