VIZZDA—September 13th, 2012 — Centrado Apartments, a 180-unit complex located at 2045 E Broadway Road in Tempe was sold to Jason Buxbaum of Jevan Capital for $12.35m or $68,611.11 per door. Buxbaum paid $2.47m in cash for the property and secured $9.88m new debt with Northmarq Capital which matures October 1st, 2019 and which was assigned at origination to Freddie Mac.
The seller, Jackob Anderson of Merchant Property Group, previously acquired the property on December 17th, 2010 for $9.1m or $55,555 per door from the Royal Bank of Canada. The affidavit of value that recorded with the prior sale did not list a cash down payment; Financestream Inc. provided $9,109,181 in financing for the acquisition. This debt was released July 15th, 2011 following issuance of a $5.7m new debt with Great West Life and Annuity Insurance Company issued April 27th, 2011.
The 23-building complex totals 139,321 ft2 per the Maricopa County Assessor. It was built in 1972 on 9.49 gross acres and zoned R-4. It is individually metered for electricity. The $12.35m sales price represents a ~20.4% annualized rate of return.
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