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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!
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