VIZZDA–August 22, 2012 – Archstone, one of the nation’s largest owners of apartments sold Pillar at San Tan–a 315 unit apartment community located East of the Northeast corner of Pecos Rd and the Loop 101 in Gilbert for $46.3m or $146,984 per door.
Mr. James Almon of Private Portfolio Group acquired the property for $46.3M with $16.685M down and $29.615M new debt with Freddie Mac originated by Northmarq and maturing September 1st, 2019. The buyer and seller entered into a purchase agreement dated July 3rd, 2012.
The gated “Class A” property–formerly known as Ironwood at Santan–was built in 2008 by Archstone and includes one to three story buildings on 15.21 acres. Units average 982 square feet and are divided as follows: 163 1/1, 136 2/2, and 16 3/2.
Archstone originally acquired the land through one of its entities on October 11th, 2005 for $3,112,180. Most recent debt included two notes with Prudential Life Insurance Co: a $230M master debt plus a $28,297,725 note maturing August 5th, 2012. The sale of Pillar at San Tan comes after Archstone’s parent–a co-venture between Lehman Brothers FSB and Tishman Speyer–filed for a $100M public offering of the company on August 10th, 2012.