Alliance Residential Acquires The Canyon Apartments for $50m

VIZZDA—December 27th, 2012 — As referenced in our December Market Overview, the largest multifamily transaction in the month of December was David Snyder of Continental Realty Advisors’ (CRA) sale of The Canyon Apartments to Alliance Residential for $50m or $79,491 per door. Russ Kindorf was signatory for Alliance Residential, which paid $17.5m in cash and secured $32.5m in financing with Keybank.

The 629-unit master-metered complex is divided into two communities—Montelena and Bacala—with thirty-six 2-story buildings totaling 460,525 ft2. It was constructed in 2004 on 15.61 acres, zoned R-4A. The table below contains information on the unit mix of the property:

Number of Units


Base Rent

Square Feet



$679 – $749

475 – 500



$779 – $899

484 – 781



$899 – $1,109

695 – 1,000



$1,049 – $1,179

984 – 1,060





CRA acquired the property on July 8th, 2010 from LNR Partners as special servicer for a $63m CMBS note held in trust by Wells Fargo. CRA paid $45.5m or $72,337 per door—a 16.6% premium on the $39m credit bid entered by LNR—with $2m down and two additional notes:

  • $17m issued November 1st, 2010 by Northmarq and assigned to Freddie Mac at origination and maturing on November 1st, 2015
  • $28.5m issued August 31st, 2012 by Keybank maturing August 31st, 2014

The $50m price tag represents a 3.9% annualized rate of return for CRA, net of income from continuing operations.


Paul Dionne

Director of Analytics

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s