By: Hadden Schiffman | Vizzda
An entity formed by Alliance Residential and
AEW Capital has sold the Broadstone Camelback apartments for an astounding $74,750,000 or $276,852 per unit. VIZZDA is still researching the buyer and confirming it is an arms-length transaction–but so far documents point to Chicago’s Heitman as the purchaser. No debt was recorded with the sale.
The Broadstone Apartments are located in Phoenix’s prized Biltmore corridor, directly South of the Biltmore Fashion Park at 2625 E Camelback Road. Alliance constructed 270 units on the site in 4-story buildings, consisting of: 53 studio, 110 one bedroom, and 107 two bedroom--some of which are marketed as penthouses. The community is presently marketed as rentals, restricted from condominium conversion through 2022.
Alliance Residential previously acquired site on December 16th, 2010 for $10.5M or ±$50 per square foot based on the land area. At that time, subject property consisted of 63,460 square feet of improved retail built 1995 on 4.83 acres. Sold by LIFFEY CAMELBACK LLC- an entity formed by Hypo Real Estate who had acquired the property through foreclosure. Demolition permits were issued for site September 2011.
On November 18th, 2011, Alliance Residential with AEW Capital as equity partner were loaned $26,821,200 debt by National Bank of Arizona. Project constructed in 2012-13, with contractor notice of completion filed December 11th, 2013.
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