Arte Senior Living Community in Scottsdale Sold Short

J Caskie Collet, President of The Reliant Group of San Francisco purchased Arte Retirement Community from Avenir Retirement Communities for $30M—days before the property was to be auctioned off.

The distressed senior living facility was scheduled to go to the block June 20^th pursuant to an April 2^nd, 2012 Notice of Trustee Sale issued by the successor beneficiary to Bank of America, Square Mile Capital. Square Mile purchased the $36.25m face value note in October of 2011 and sold in January 2013 to Invesco Advisors, Ltd.—a Houston, Texas-based distress real estate debt fund in the care of its vice president, Ron Ragsdale.

Reliant tendered $6.64m in cash and secured an additional $23.31 in funding from BOK Financial (DBA Bank of Arizona), allowing for the release of the outstanding note. While technically a short sale, it is likely that Square Mile and Invesco Advisors acquired the note at a significant discount to face vale.

The 170-unit three-story resort-style senior living facility is comprised of two buildings totaling 183,705 ft², built 2009 on 3.83 acres zoned R-5. Independent and assisted living facilities are provided on-site. The structure also includes below grade parking. For more insight into the ownership and debt history of this and thousands of other commercial properties, contact Vizzda to schedule a demonstration or begin your subscription.

By:

Daniel Alpers

Director of Planning and Municipal Projects

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.