Pratik Jogani of Los Angeles has purchased the Biltmore Waterfront Apartments near the I-17 and Cactus Road for $10 million. The sales price on the 288-unit property reflects $35,000 per unit and was funded by an $8.8 million Fannie Mae loan. This is a bank sale from a CMBS portfolio managed by CW Capital, which comes five years after the property was foreclosed for a $7,328,000 opening bid amount.
The Biltmore Waterfront Apartments was built in 1979 on 9.5 acres. It consists of thirteen three-story buildings and includes a unit mix of one and two-bedroom floorplans, one pool, laundry facility, and gated access. It is located directly west of the I-17 freeway, and less than a mile north of Metrocenter Mall.For more information on this property including full distress history, complete unit mix, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!