By: Paul Dionne | Vizzda.com
New York-based multifamily investor The Praedium Group acquired the 224 unit Adobe Ridge Apartments in North Phoenix for $26.05m or $116,294 per unit. The transaction was pursuant to an April 9th, 2014 purchase agreement and lists $9.916m as the cash down payment, though no new debt was issued in connection with the sale. The sellers were Donovan Waters of Farnum Properties.
The complex was built in 2005 on 14.65 net acres near the northern Loop 101 between 43rd and 51st avenue. and is comprised of fifteen 2-story buildings totaling 213,500 ft2. There are 136 one bedroom units in four floor plans ranging from 812 to 1,081 ft2, 44 two bedroom units in two floor plans of either 1,166 or 1,213 ft2 and twelve three bedroom units of 1,426 ft2. The property is individually metered for water and electricity.
Despite being less than ten years old, this is the third sale of the property since it was developed. The land on which the project sits was acquired by MLP Property and Asset Management of St. Louis in July of 2004 for $2.8m or $4.39. After final plat approval on September 20th, 2004, MLP secured a $14.78m construction deed of trust with Lasalle Bank and delivered the next year. In early 2006 a tenant-in-common group acquired the property for $29.5m who, in turn, sold to the current seller less than four months later for $32m.