Two Home Builders Buy North Valley Land
Both Pulte and AV Homes acquired land slated for residential development north of Phoenix this week, with Pulte picking up preliminarily platted lots in North Phoenix and AV Homes acquiring final platted lots in Scottsdale. Pulte’s acquisition comes on the heels of their nearly $16m acquisition of three subdivisions in Chandler, Mesa and Phoenix last week, resulting in total acquisition costs for the past two weeks well in excess of $18m for the Bloomfield Hills, MI-based homebuilder. Aside from its take down of Encore at Eastmark as part of a Joint Venture and rolling lots in Estrella Mountain Ranch, this is the first acquisition of residential land by AV Homes in 2014.
FPA Multifamily Adds Sierra Vista to Fund IV
Jack Fingersh, in his capacity as principal for KC Venture Group sold Sierra Vista I and II for a combined $23.825m or $51,017 per unit on Friday. The 467 unit apartment complex north of the northeast corner of Priest Drive and Hardy Road in Tempe had been held by Fingersh dating back to 1995, when it was acquired in two transactions for a combined $10.1m. The all cash sales price represents a 135% rate of return, ignoring proceeds from operations.
Gilbert Flex Buildings Sold for Nearly $13.5m
David Sellers of LGE Design/Build and Michael J Anderson of Anderson Auto Group have completed the sale of two office properties—900 N Fiesta Boulevard and 1620 W Sunrise Boulevard—in Gilbert for a combined $13,483,900 or $100.82 per ft2. The buyers were Frank and Marjorie Rhodes as members of Rhodes Development, a private Newport Beach, CA-based real estate developer, who paid cash for the properties.
RK Properties Acquires Northern Greens Apartments in Glendale
Northern Greens Apartments--a 420-unit complex northwest of the intersection of 61st and Northern Avenues--was sold by Principal Real Estate Investors out of Des Moines, Iowa for $21.2m or $50,476 per unit. The buyer was William Rance King, Jr. of RK Properties, a Long Beach, California-based multifamily Investor. The transaction was financed with $11.75m in new debt with BB&T Real Estate Funding.
To contact the author of this article: Paul Dionne at pdionne@vizzda.com
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