Oregon Pacific Investment & Development Company (OPID)
of Portland, Oregon has completed the acquisition of Pinnacle Creek Apartment
Homes in Chandler for $33.3m. The seller was a joint venture between Essex
Property Trust as successor-by-merger to BRE Properties and Northwestern Mutual
Life—which financed the prior land acquisition and development of the property.
The sale was structured as a 1031 exchange and financed with $22.712m in new
debt with CBRE Multifamily Capital, assigned at origination to Fannie Mae. OPID
tendered the balance of the purchase price as cash.
The 252-unit apartment complex is located east of the
northeast corner of Alma School and Queen Creek Roads. It is comprised of nineteen
2-story buildings totaling 263,460 ft2 built in 1999 on 16.89 acres.
The property features the following unit mix:
Number of Units
|
Beds
|
Baths
|
SF
|
Base Rent
|
Base Rent PSF
|
Potential Base Rental
Income
|
56
|
1
|
1
|
767
|
$802
|
$1.05
|
$44,912
|
28
|
1
|
1
|
814
|
$855
|
$1.05
|
$23,940
|
68
|
2
|
2
|
1087
|
$1,007
|
$0.93
|
$68,476
|
40
|
2
|
2
|
1206
|
$1,105
|
$0.92
|
$44,200
|
20
|
2
|
2
|
1254
|
$1,174
|
$0.94
|
$23,480
|
40
|
3
|
2
|
1262
|
$1,092
|
$0.87
|
$43,680
|
Total
|
$248,688
|
The aforementioned joint venture acquired the property as
vacant land from Bradley Wilde for $2.05m in April of 1999. Northwestern Mutual
committed $10,681,202 in debt for the project, which was slated to mature June
15th, 2011. The debt was repaid and the security interest released
on May 20th, 2011. BRE Properties announced their merger with Essex
Property Trust on April 2nd, 2014. The current transfer was
administered by First American Exchange Company.
To Contact the Author:
Paul Dionne – pdionne@vizzda.com
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