Four Large Apartment Complexes Change Hands Friday, June 8th 2012

VIZZDA—June 11, 2012 — Three apartment complexes were sold and one reverted to beneficiary in a trustee’s auction in the Greater Phoenix area last Friday. The properties ranged in size from 144 to 488 units and in sales price from $5.8m to $10.5m—totaling roughly $29.5m in transactions. They are as follows:

Metro Gardens Apartments—an 144 unit complex in 12 buildings totaling 100,415 SF east of the southeast corner of 35th Avenue & Peoria—was auctioned by the law firm of Sherman & Howard with proceeds accruing to the benefit of Freddie Mac. The prior owner and Trustor of record, Edward Klugman of Arizona Progressive Apartments, acquired the property through a quit-claim on August 28th, 2008 and encumbered the property with $6.331m debt issued by Johnson Capital and immediately assigned to the current beneficiary. The winning credit bid of $6,702,328 represents a per door price of $46,821.86.

Casa Verde Apartments—a 488 unit apartment complex in 34 buildings totaling 353,256 SF west of the northwest corner of 51st Avenue & Indian School Road—was sold to John Safi of Safco Capital for $10.5m or $21,516 per door. The seller, Ron Zeff of Camel Partners, previously acquired the property from Glenn Toyoshima of HSL Properties August 28th, 1997 for $5,762,500. The complex was built between 1983 and 1984 and features 84 2×2, 236 1×1 with two different floor plans & 48 studios, individually metered.

Lynwood Apartments—a 300 unit complex in 15 buildings totaling 291,978 SF west of the northwest corner of 51st Avenue and I-10—was purchased by Liliana Stoianova for $6.5m or $21,666 per door. The property was purchased from the original developers, Joel & Gregory Fernebok of Harvey Property Management, who acquired the project from Charles Marion Heers on December 31, 1985. The new owners put $700k down and encumbered the property with two notes: $2.05m with RLS Capital and $3.75 with Bill Levine of Pacific Coach.

Copper Glen Apartments—a 288 unit complex in 25 buildings totaling 250,329 SF at the southeast corner of 35th Avenue & Dunlap—was sold to Ehyan Caldwall of Vancouver, BC for $5.8m or $20,138.89 per door. This was a bank sale with Brian Griffin (EVP, Special Assets) of First Financial Bank, NA as seller. First Financial acquired the property through trustee’s auction on February 3rd, 2011 with a $6m credit bid on $10m original outstanding debt issued to Larry LeSueur & John Alston when they purchased the property for $12.1m on August, 18th, 2005. The property is comprised of 48 3×2 & 140 2×2 master metered apartments, built in 1973 on a 5 acre parcel.

For more information on these and other commercial real estate deals in Maricopa County, login to your VIZZDA account or sign up with VIZZDA today!

 

By:

Paul Dionne

Research Analyst

pdionne@vizzda.com

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