VIZZDA–June 8th, 2012 — THE MIRADOR APARTMENTS – A 316 unit apartment complex at 1550 E Thunderbird Rd in Phoenix – was sold by an Eaton Vance Management and Equity Residential co-venture to Weidner Apartment Homes for $31.133M ($98.5K per door) – with the deal recording on June 6.
The 2 & 3-story apartment complex features a mix of 1, 2 and 3-bedroom apartments in 24 buildings which were developed by Evans Whitcombe Residential in 1994-5 on 19.34 acres that they had acquired in two purchases on September 21st, 1994 & March 31st, 1995 for $2,638,750 or $3.13/sf with $11.13M debt issued October 27th, 1994) with Bank One.
Evans Whitcombe was purchased by Equity Residential Property trust who transferred the property to Eaton Vance 2/27/01 with no saleprice recorded. Equity Residential is one of Eaton Vance’s top 10 holdings, so as a related entity no saleprice need be recorded. Also on February 27th, 2001 Eaton Vance arranged for a $134.755M Freddie Mac Multifamily loan, originating with Berkshire Mortgage Finance Lp and an additional $9.045M Jr Lein with CapREIT Northlake LP borrowed against a cross-collateralization of 11 apartment complexes, including The Mirador Apartments.
This facility matured March 1st, 2011 but paid in full on October 27th, 2010. A $20.825M non-cross collateralized Freddie Mac Multifamily loan replaced the previous facility on October 7th, 2010. This new loan originated with Deutsche Bank and the remaining balance of this loan was assumed by Weidner.