Friday, July 18, 2014

Week In Review - July 18th, 2014

Newly Built Phoenix Apartment Complex Sold for $35.4m

Less than six months after a certificate of substantial completion was recorded against the property—indicating that the property was fully constructed and ready for occupants—Avenue 25 Apartments in Phoenix sold for $35.4m or nearly $140k per unit. The buyer was TruAmerica, in the person of its CFO, Karen Millan, who paid $10.62m in cash and financed the remaining $24.78m in purchase price with Capital One.

First Four Parcels of Crescent Ridge Acquired for $21.6m

Jeff Blandford of Blandford Homes as acquired 128.76 acres of unimproved land at the northeast corner of Guadalupe and Crismon Roads in Mesa comprising parcels one through four of the five parcel, 172.5 acre Crescent Ridge master-planned community. The $21,623,412 purchase price for 552 final platted lots equates to $167,934 per acre, $39,173 per planned lot or $830 per planned front foot. 

In a pair of consecutive sales, a joint venture between San Diego-based Midtown Niki Group (MNG) and the locally-based Pederson Group purchased four single-tenant and two multi-tenant retail buildings for a combined $7.92m or $187.60 per square foot. The single-tenant portion was acquired with $5.712m down and the multi-tenant portion was acquired with $300k down, both parcels were encumbered under respective $1.62m seller-carry notes

Alliance’s Broadstone Camelback Sold for $74.75m

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.

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