By: Paul Dionne | Vizzda
|Verano Townhomes Leasing Office|
Before the ink was dry on PB Bell’s acquisition of seven multifamily assets from the Bethany Kingdom I portfolio, an additional 775 units in two assets were sold for a combined $75.5m and a third, 856-unit asset was noticed for trustee sale on a $59.4m outstanding debt. The assets in question are the 360-unit Verrano Townhomes which sold for $49m, the 415-unit Colonnade Apartments which sold for $25.5m and the Saratoga Ridge Apartments, which were noticed for trustee sale by an affiliate of AIG Life Insurance Company. The three deals today bring the total amount of economic activity in the 100+ unit multifamily space to $464.8m since the beginning of last week.
Verano Townhomes is located north of the northeast corner of 44th Street and Ray Road in Phoenix. Its 360 units comprise thirty residential buildings totaling 435,840 ft2 on a 22.23 acre site. It was built in 1996 and substantially renovated in 2006. It was previously acquired by Cornerstone Real Estate Advisors in July of 2011 for $44.55m or $123,750 per unit with $25m in new debt with People’s United Bank, maturing September 1st, 2016. Yesterday, ColRich Multifamily acquired Verrano Townhomes from Cornerstone for $49m or $136,111 per unit with $10.19m down and $39.2m in new agency debt underwritten by CBRE Multifamily Capital and assigned to Fannie Mae at origination.
|The Colonnade Leasing Office|
The Colonnade is located east of the northeast corner of State Route 51 and Camelback Road in Phoenix. As mentioned above, it has 415 units in twenty four 3-story buildings built in 1970 and 1974 on a 9.57 acre site. There are 196 studios, 236 one-bedroom units and fifty two-bedroom units, all of which are master metered. Steve Wasserman of Gelt, Inc. previously acquired the property in two sales in 2011: the 219-unit Fern Tree Apartments for $9.3m and the 197-unit Colonnade Gardens for $6.95m. Gelt sold its interest in the property yesterday to a tenant-in-common group comprised of affiliates of Mica Creek-Sagamore Capital Partners who paid $3.1m in cash and financed the remainder of the purchase price with $22.4m new agency debt originated by Greystar and assigned to Fannie Mae at origination.
Saratoga Ridge Apartments is located west of the northwest corner of 16th Street and Bell Road in Phoenix. It is one of the largest apartment complexes in the valley, with 856 units in seventy four two-and-three story buildings totaling 732,406 ft2. The complex was built in 1984 on a 38.37 acre site and features four pools. Pacific Coast Capital Partners previously acquired this complex in September of 2004 for $42.65m or $49,825 per unit. After investing another $9.35m in rehabilitating the property, PCCP sold to Greystar in June of 2007 for $70.4m or $82,243 per unit, $14.214m of which was tendered as cash and $59.4m of which was secured under a deed of trust with Variable Annuity Life Insurance Company, an affiliate of AIG. Variable Annuity served notice to Greystar that it was in default of the $59.4m loan—stipulated to have an unpaid balance of $58,320,577—yesterday.
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