Cambria Luxury Apartments in Gilbert Transact for over $24 Million

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Fairfield Residential has purchased the Cambria Luxury Apartments located near the northwest corner of Guadalupe and Gilbert. The $24.35 million transaction was financed through the assumption of an exisiting $10 million Fannie Mae loan as well as an additional $5.5 million in new debt with Fannie Mae.

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174 units make up the Cambria Luxury Apartment complex, including one, two, and three-bedroom unit sizes. It was built 2000 on 8.7 acres and includes one pool.

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Presidio at South Mountain Sells for Over $80 Million

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The 842-unit Presidio at South Mountain apartment complex in Phoenix sold to Fairfield Residential for $80.5 million, or $95,606 per unit. Its previous owners, Dallas-based Invesco, originally purchased the property for just under $85.5 million in 2007. The complex is located 2 miles east of South Mountain Park, and sits on a total of 34 acres. Midland National Life Insurance funded the sale with a total of $58,750,000 in new debt.

For more information on this property including complete history, unit mix, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!



        

Fairfield Residential Buys Lakeview at Superstition Springs

By: Paul Dionne | Vizzda

In one of the largest transactions in terms of dollar value thus far this year, Chicago-based investment management firm, Heitman, sold one of the largest apartment complexes in the valley—the 676-unit Lakeview at Superstition Springs for $66.6m. The buyer was San Diego-based multifamily developer Fairfield Residential who paid $19.2m in cash for the property and secured an additional $47.4m in funding from CBRE Multifamily Capital, assigned to Fannie Mae at origination. Fairfield owns or manages ten other properties in the greater Phoenix area.  The $66.6m sales price equates to $98,520 per unit.

Lakeview at Superstition Springs’ 676 units are situated in eighty-nine residential buildings totaling 636,963 ft² in addition to a leasing office and clubhouse that bring the total improved square footage above 640,000. The property was built in two phases: forty-two buildings totaling 287,135 ft² built in 1996 and forty-nine buildings totaling 356,668 ft² built in 1998. The gated complex sits on 42.72 acres net of the lakes complex that runs through the property and features four resort-style pools. The one bedroom floor plans range from 660 ft² to 776 ft², the two bedrooms range from 916 ft² to a 1,314 ft² split-level and three bedroom floor plans range from 1,181 ft² to 1,214 ft².

Heitman previously acquired Lakeview at Superstition Springs in March of 2006 for $59.4m or $87,869 per unit from Nearon Enterprises. At the time of sale, Heitman assumed $38m in existing CMBS debt in care of Lasalle Bank and secured additional funding in two notes with Deutsche Bank Berkshire Mortgage of $8.957m and $29.543m, maturing April 1^st, 2011 and both of which were assigned to Fannie Mae at origination. Those debts were released in May of 2012 and replaced with $36m in new debt with CW Capital. Ignoring financing and carry costs and operational proceeds, Heitman earned a 12.1% absolute rate of return and a 184.6% cash-on-cash return.

To Contact the Author:

Paul Dionne – pdionne@vizzda.com

Mercury Investment Unloads Mission Springs Apartments for $23m

 VIZZDA—November 23^rd, 2012 — Adrian Goldstein of Gelt, Inc. and Warren Breslow of Goldrich & Kest have acquired Mission Springs Apartments in Tempe for $23m or $75,163.39 per unit. The purchase was financed with $17m new multifamily debt originated by CBRE Multifamily Capital and assigned to Fannie Mae.

The 306-unit complex is 97% occupied and consists of 27 one and two story buildings totaling 227,481 ft². The master-metered complex sits on 13.28 acres and was completed in 1987. Allison Shelton Real Estate Services will continue in its capacity as property manager. The unit mix is as follows:

Units	Bedrooms	Bathrooms	Average ft2	Base Rent
72	0	1	506 ft2	$664
80	1	1	635 ft2	$715
90	2	2	804 ft2	$831
64	2	2	884 ft2	$841

The most recent non-distressed sale of Mission Springs took place on March 8^th, 2006 when Fairfield Residential acquired the property for $28.85m with $8,947,768 down and $21.2m new debt with Nationwide Life Insurance Company. Nationwide issued a notice of trustee sale for the property on August 10^th, 2009 and it reverted to Nationwide on November 20^th, 2009 with a $13.4m credit bid.

Abbot Apter of Mercury Investments paid $15.4m or $50,326.79 per unit on July 29^th, 2010, with $3.9m down and $11.5m new debt with Aetna Life Insurance Company. A $23m sales price represents a 21.9% annualized rate of return.

By:

Paul Dionne

Director of Analytics

Vizzda.com

Cityscape at Lakeshore Apartments Purchased by Fairfield Residential

--> VIZZDA – October  2, 2012 –  a 214 unit apartment complex at 4630 S Lakshore Dr in Tempe was sold by Charles B Duff, president of Farnam Realty, to Richard L Boynton, vice president of Fairfield Residential, for $22.65M or $105,841 per door with $8,081,939 down and the assumption of a Fannie Mae Multifamily loan with a current balance of $10,628,061 a rate of 4.55% and a maturity date of December 1, 2020 and the issuance of an additional, junior, $4.3M Fannie Mae Multifamily loan  originated with Amerisphere Multifamily Finance.

This 214-unit two and three story apartment complex consists of fourteen buildings, totaling 247,011 SF rentable, built in 1995 on 12.33 acres. The apartments are individually metered for electricity and water and were 95% occupied at time of sale. The unit mix for the Cityscape Apartments is:

 

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Name	# Units	# Bedrooms	# Baths	SF	Rent $/Mo
Orion	48	1	1	758	$819
Cygnus	16	1	1	780	$869
Capella	11	1	1	794	$859
Cassiopeia	16	2	2	1,055	$1,029
Centaurus & Pegasus	87 (total)	2	2	1,070	$959-$1,044
Andromeda	36	3	2	1,261	$1,254

 

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Farnam Realty acquired the the apartments January 15, 2002 from Invesco Realty Advisors of Dallas for $17.75M with $6.45M down, $403,360 allocated to personalty per the Affidavit of Value, and $11.3M debt with Jefferson Pilot Financial Insurance Co. , planned to mature February 1, 2012, but released January 20, 2011. On December 1, 2010 Farnam took on a $10.925M Fannie Mae Multifamily loan originated through Amerisphere Multifamily Finance and with a rate of 4.55% and a maturity date of December 1, 2020.  This loan is the senior lien on the property and has been assumed by Fairfield Residential in the current sale.  Fairfield Residential has recently acquired another Tempe apartment complex – the Tempe Grove Apartments – find the details here. 

Rue Bax, John Kobierowski, Alon Shnitzer, Eddie Chang, and Doug Lazovick of ORION Investment Real Estate negotiated the transaction.

Vizzda tracks all commercial real estate sales, notice of trustee sales and trustee deed recordings in Maricopa county. For example, we have several other events involving Fairfield Residential fully researched and trackable in our map-based service. To gain the benefits of this real estate market intelligence contact us and learn how affordable and valuable our service can be for you. 

Tempe Grove Apartments Purchased by Fairfield Residential

VIZZDA – September 5, 2012 –  a 408-unit apartment complex at 909 W Grove Parkway in Tempe was sold by Archstone Apartments for $39.5m or $96,813 per door. The deal recorded August 31st, 2012 with $400k down per affidavit and a $29.625M Freddie Mac Multifamily Loan, maturing 9/1/22, originated through CBRE Capital Markets.  The three and four story apartment complex consists of 17 buildings built in 1998 on 20.17 acres zoned R-4. The brokers, Cliff David and Steve Gebing of Marcus and Millichap, report ±$3M in capital improvements since Archstone acquired the property in 2006. Asking price on the May 31st, 2012 broker flyer was $42.0M.  See the broker flyer here.

The apartments feature one, two and three-bedroom apartments and two and three bedroom townhomes. The brokers’ pro forma indicates that the apartments are 95% occupied. The apartments’ unit mix--taken from the linked flyer--is reproduced here:

 

The apartments were developed by Jay Wilton of Wilton Partners of Los Angeles who acquired the 20.17 acre parcel of vacant land for $1.63M or $1.85 per square foot, no debt recorded with sale.  Wilton Partners recorded a $871K related debt  on the property May 21st, 1996 by which the principles of Wilton Partners loaned themselves these funds. This debt was released September 4th, 1996.  Wilton Partners also borrowed $1.15M from Bank One August 2nd, 1996, released March 17th, 1998. 

However, the critical debt history on the property began August 29th, 1997 when Wilton Partners acquired a $24.588M note with TRI Capital Corp (6.5% APR, maturing January 1st, 2039) with a US Department of Housing and Urban Development (HUD) agreement binding the property with leasing restrictions requiring an absolute preference in leasing to displaced persons or families per section 221(d)(4) of the National Housing Act. 

This debt was modified June 22nd, 2001, increasing outstanding principle to $25.99M. On July 24th, 2004 TRI Capital assigned debt to Midland Loan Servicing who immediately re-assigned to HUD.  On April 5th, 2005 HUD released the property from any leasing restrictions and sold the note to a Delaware corporation including Archon Group.  On July 31st, 2006, Wilton Partners returned the property to Ameriton Properties, the capital arm of Archstone-Smith, through Deed-in-Lieu. On October 5th, 2007, Archstone-Smith was acquired by a Tishman Speyer and Lehman Brothers FSB partnership - this ownership entity was rebranded as “Archstone” February 19th, 2008. 

Richard L Boynton (VP) of Fairfield Residential and Brett C Johnson (VP) of Archstone closed the deal.

Links:

Seller

Buyer

Developer / Prior Owner

By:

Edward Moore
Director of Research
emoore@vizzda.com