By: Paul Dionne | Vizzda
The market for quality multifamily assets in the City of
Chandler continues to see strong pricing and high volume, registering $224.95m
in sales, year to date. That trend continued earlier this week with the $33.4m
sale of Ocotillo Springs by Weidner Apartments to Crown Realty Development.
Another trend exemplified by this sale is the prevalence of funding from
Government Sponsored Entities (GSE) in the acquisition of multifamily assets—in
this case $22.8m in debt originated by Northmarq Capital and assigned to
Freddie Mac.
The 272-unit apartment complex located east of the southeast
corner of Alma School and Queen Creek Roads. It is comprised of seventeen
residential buildings and a clubhouse totaling 253,716 rentable square feet,
built in 1998 on a 16.68 acre site, zoned PAD. There are seventy-six
one-bedroom units at 741 ft2, 168 two-bedroom units at 978 ft2
and twenty-eight three-bedroom units at 1,182 ft2. All units have
full sized washers and dryers in unit and are individually metered for
electricity.
TA Realty Associates—who acquired the nearby Park at San Tanmixed-use development for $68m last week—previously acquired Ocotillo Springs
in April 2003 for $17,192,312 or $63,207 per unit in an all cash deal. In
August 2010, TA sold the complex to Weidner Apartments for $24.7m or $90,808
per unit with $8.4m down and $17.4m GSE debt with Freddie Mac, originated by
Wells Fargo. Crown’s acquisition earlier this week included $10.6m in cash
consideration and represents a per unit price of $122,794.12.
To Contact the Author:
Paul Dionne – pdionne@vizzda.com
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