Thursday, April 10, 2014

Grand Canyon University Closes on Condos Planned for Parking Garage

By: Paul Dionne |

April 10, 2014 — Two months after acquiring the requisite 80% ownership stake and dissolving the Quatros Condominium Homeowners Association, SHU, LLC has sold the 20.435-acre parcel on which the condos sit to Grand Canyon University. Grand Canyon University, for it’s part, plans to construct a 1,380 space five-story parking structure on the site. Permits for the project issued earlier this week indicate a 438,580 square foot structure, valued at $37,279,300.

SHU, LLC—represented by attorney Michael A Schern—began assembling ownership interest in the Quatros Condominiums in May of 2013. SHU acquired 164 of the 204 total lots in 123 transactions in six months. On January 10th, 2014, SHU and the condominium association entered a Termination of Condominium Agreement that stipulated a fixed price for the remaining units of $53k for “A” units, $50K for “B” & “C” units & $49K for “D” units.

On February 18th, 2013, Michael Ortega—in his capacity as President of the Quatros Condominium Homeowners Association—conveyed all 204 units to SHU for total consideration of $10,395,840 or $50,960 per unit. Today’s sale price of $12,455,167 represents a two-month profit of  $2,059,327, a cash-on-cash return of 19.8% and an annualized return of 118.85%.

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