The Country Brook Apartments in Chandler Sell for over $64 Million

Area Map

For a total of $64.5 million, the 396-unit Country Brook Apartments sold Friday to California-based Standard Portfolios. The sale was funded by $54 million debt with Arbor Realty Capital. Sellers trace to Bascom Group in Scottsdale.

(Images property of Vizzda)

The Country Brook Apartments are located south of the southeast corner of Rural and Ray Roads in Chandler. This complex consists of eight buildings totaling over 125,000 square feet and includes one, two, and three-bedroom floorplans. Three pools are stationed throughout the property.

Vizzda subscribers: click here for the full report.

Would you like complete unit mix and contacts? Vizzda has it!

Contact us for more information.

        
Sponsored by:
 

Arcadia Cove Apartments sells for $40.725m

Vizzda – June 18, 2013 – The Arcadia Cove Apartments sold on Friday for $40.725m or $94,271 per door with $700k down per affidavit and $35.0m new debt with HSBC Bank. The seller entity was a joint venture between JP Morgan Investments and BRE Properties and the buyer was The Bascom Group. Constance B Moore, president of BRE Properties, and Glenn R Daiutolo, vice president with The Bascom Group, closed the deal.

The Arcadia Cove Apartments is a 432 unit two and three-story apartment complex of twenty-seven buildings built in 1995 on 17.94 acres zoned R-3A. It is located north of the northwest corner of 44^th Street and McDowell Road at 2252 N 44^th St in Phoenix. The apartments total approximately 380,600 ft² in a mix of 1, 2 and 3 bedroom units.

BRE Properties acquired the apartment complex from Picerne Development on September 18, 1996 for $22,180,099 or $51,342 per door with $22.5m down per affidavit and no debt. On July 11, 2007 BRE Properties sold the apartments for $44.2m to the current selling entity. BRE Properties’ third quarter 2007 SEC filing reveals that they had sold the apartments to a joint venture with JP Morgan Investments in which they [BRE Properties, Inc] had retained a 15% stake in the apartments and were to manage the property; the apartments had been valued at $52m at that time.

Edward Moore
Director of Research

emoore@vizzda.com
www.vizzda.com

Bascom Arizona Ventures Adds Two Major Distressed Multifamily Properties

VIZZDA—October 1^st, 2012 — Bascom Arizona Ventures, a wholly-owned subsidiary of the Bascom Group, has completed the purchase of Brookstone at the Foothills and Madera Point Apartments for a combined purchase price of $49.92m. The seller—AIG Global Investment Group through its representative Keith Honig—was the beneficiary named on two deeds of trust securing the properties during their prior acquisition by Redhill Realty.

Brookstone at the Foothills is a 528-unit complex comprised of 65 buildings totaling 473,659 ft² on 23.44 acres built in 1986 and zoned R-4. It is located West of the Northwest corner of the I-10 & Baseline Road at 4424 E Baseline Road in Phoenix. Redhill Realty acquired the property on December 18^th, 2006 for $46.8m or $88,636 per door. Redhill paid $13.5m cash for the property and secured $43.2m in financing with AIG Global Investment Group maturing January 1^st, 2012.

Redhill was served with a Notice of Trustee Sale on September 26^th, 2011 and it reverted to AIG with a $35m credit bid, after which it spent 8.5 months as REO. While the $35.57m—or $67,367.42 per door—sale price was in excess of the credit bid amount, it represents a 17.6% write down to the amount loaned and a 24% discount to the previous purchase price. Bascom paid $12,995,971 cash for the property and secured $25.85m new debt with Bank of America.

Madera Point is a 256-unit complex comprised of fourteen buildings totaling 179,296 ft² on 9.44 acres also built in 1986 and zoned R-4. It is located South of the Southeast corner of Dobson and Broadway Roads at 455 S Dobson Road in Mesa. Redhill acquired the property October 24^th, 2006 for $21.25m or $83,008 per door. Redhill paid $6,133,719 in cash at the time of purchase and placed $19.024m in debt with AIG Global Investment Group on the property. An additional $5,066,880 industrial development bond with the Bank of New York was assigned at purchase.

Redhill was served with a Notice of Trustee sale after defaulting on the senior AIG note January 14^th, 2011 and it reverted April 20^th, 2011 with a $16m credit bid. The property spent one year and five months as REO before being sold to Bascom for $14.35m or $56,054.68 per door. This sale price is significantly below the credit bid amount and represents a 24.5% write down to the amount loaned and a 32.5% discount to the prior purchase price. Bascom paid $8,607,547 cash for the property and secured $10.85m new debt, again with Bank of America, for a total outlay of $21,603,518 and new debt of $36.7m.

Bascom Group Acquires Estates on Maryland for $27.9m

VIZZDA--August 19th, 2012 -- Orange County, CA based BASCOM Group paid $27.9M or $84,545 per door for the Estates on Maryland- a 330 unit apartment community located South of the Southeast corner of Glendale and 19^th Avenues in Phoenix. BASCOM was loaned $20.925M new debt with Mesa West Capital, split into 2 notes of $19,878,750 and $1,046,250. Morgan Stanley is listed as co-trustor on the note.

Estates on Maryland is a three-story complex, originally built in 2000 with 14 buildings on 11.66 acres. The property is gated and features two pools. Units range from 755 SF one-Bedrooms to 1,366 SF three-bedrooms. Formerly known as Jefferson Estates on Maryland, the address is 1802 W. Maryland Ave.

The seller was Colony Reality Partners- a division of Mr. Tom Barrack’s Colony Capital. Colony previously purchased the property November 2nd, 2006 for $39.5M or $119,697 per door; placing $15.79M down and assuming an existing CMBS note for $19.74M- originally borrowed by Marcel Arsenault’s Colorado & Sante Fe Real Estate Company in 2005.

By:

Hadden Schifman

Managing Director

hadden@vizzda.com