Dwell Apartments at Scottsdale and McDowell Sells for Over $14 Million

Dwell is Northwest of the Scottsdale & McDowell Rds intersection, catty-corner to the Skysong Research Park.

The 193-unit Dwell Apartments located west of the northwest corner of Scottsdale and McDowell Roads sold yesterday for a total price of $14.275 million. The 52-year old complex consists of 25 residential buildings constructed into a unique “L” shaped pattern on six acres.

Zev Tzvi Hendeles of 3^rd Ave Investments purchased the property from San Francisco-based FPA Multifamily, funded by a $11.48m new loan with Freddie Mac. The $14.275 million purchase price equates to roughly $74,000 per unit.

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



        

FPA Multifamily Adds Sierra Vista to Fund IV

By: Paul Dionne | Vizzda.com

Jack Fingersh, in his capacity as principal for KC Venture Group sold Sierra Vista I and II for a combined $23.825m or $51,017 per unit on Friday. The 467 unit apartment complex north of the northeast corner of Priest Drive and Hardy Road in Tempe had been held by Fingersh dating back to 1995, when it was acquired in two transactions for a combined $10.1m. The all cash sales price represents a 135% rate of return, ignoring proceeds from operations.

The buyers were Michael Earl and Gregory Fowler of Newport, CA-based FPA Multifamily. While there was no debt at the time of sale, the buyers recently launched a fund—FPA Apartment Opportunity IV, LP—for the purpose of purchasing workforce multifamily housing that is either distressed or has considerable upside through renovation. The $1.2b fund raised capital as recently as May of last year when they filed for a $350m Regulation D offering.

Sierra Vista I is a 239 unit complex comprised of fifteen one and two story buildings built in 1975 and 1980 on 9.04 acres. The unit mix is 96 studio and 143 one bedroom apartments and all units are individually metered. Sierra Vista II is a 228 unit complex comprised of fifty seven two story buildings built in 1971 on 8.96 acres. The unit mix is 21 one bedroom, 174 two bedroom and 33 three bedroom apartments, all of which are master metered for water and electric.