Joint Venture Acquires 472 Tempe Apartments for $30.3m

Vizzda—July 22nd, 2013 — John Gochberg of TGM Associates completed the sale of two multifamily assets in the Tempe market at the end of last week for a total of $30.3m for 472 units or $64,195 per unit. The buyer was a joint-venture formed by Stratford Partners of Del Mar and JLL Ventures of San Diego, California. Andy Crews and Jesse Wilson are the principals of Stratford, while JLL is made up of Luis and Jack Maizel and Leonardo Simpser.

Somerset Village is a 276-unit apartment complex in fifty eight one and two story buildings totaling 246,891 ft2 built in 1981 on 13.33 gross acres. The $18.3m sale price was furnished as $3.66m in cash and a $14.65m new loan from Berkeley Point Capital maturing August 1st, 2023 and assigned to Freddie Mac (FHLMC) at origination. TGM Associates had previously acquired the property on October 2nd, 1996 for $11.1m or $40,217 per unit and did not encumber the property over its holding period.

El Dorado Village is a 196-unit apartment complex in nineteen two and three story buildings totaling 164,557 ft2 built in 1985 on 2.14 gross acres. The $12m sale price was furnished as $2.4m in cash and an additional $9.6m in new debt with Berkeley Point Capital—also assigned to Freddie Mac and bearing the same maturity as the above referenced note. TGM Associates had previously acquired the property on August 1st, 1996 for $8.05m or $41,071 per unit. As with Somerset Village, the property did not secure any new debt under TGM Associates.

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By:

Paul Dionne

Director of Analytics

Vizzda.com

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