Biltmore Waterfront Apartments Sell for $10 Million in Bank Sale

Area Map

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!



        

$50m Notice of Trustee Sale Recorded on Gateway Crossing of Avondale

VIZZDA – September 12, 2012  –  A Notice of Trustee Sale has been recorded on Gateway Crossing in Avondale, located at the northwest corner of Loop 101 & the  I-10. The noticed portion of the retail power center totals 223,738 SF (per SEC docs) built in 2006 on 23.29 acres zoned PAD.  Subject buildings include 7 free-standing  pads and ±165K SF of inline major/junior space.  The center is anchored by Hobby Lobby, Best Buy and Old Navy. Gateway Crossing totals 26.16 acres on 10 lots; excluded from the notice are three lots: two vacant land parcels and one lot owned by City of Avondale.

The trustors were the original developers, previously acquiring the land July 15, 2005 (29.22 AC gross) in two transactions totaling $11,731,232; with $1,911,017 down and $20.6M new debt with Gold Bank of Kansas City –later released 2/16/06.  On January 30, 2007 the trustors were loaned the subject $50.0M fixed-rate debt with Artesia Mortgage Capital (5.57% rate and maturing February 11, 2017). At this time, leases were signed with Best Buy, Claim Jumper, Guitar Center, Hobby Lobby and Old Navy per recorded documents. On October 25, 2007 Artesia assigned the debt to Wells Fargo / Wachovia where it was securitized –CMBS loan. On August 7, 2009 Wells Fargo assigned the CMBS debt to Bank of America, later transferring July 23, 2012 to US Bank. Mr. Geoffrey Wood (SVP) of CWCapital Asset Management is issuing this Notice of Trustee sale as the special servicer. Auction is slated for 12/11/12 at 1:00pm.   

Hadden Schifman
Managing Director
hadden@vizzda.com