The Pavilions on Central Apartments sell for ~$47m

VIZZDA – June 26, 2013 – The Pavilions on Central were sold on Monday by a joint venture between Gray Development of Phoenix and The Reliant Group of San Francisco to Crow Family Holdings of Dallas for $46,918,720 or $184,719 per door. Caskie Collet, chief operating officer of The Reliant Group, closed the deal. Crow Family Holdings is a family office charged with managing the wealth of the late real estate developer, Trammel Crow. 

The Pavilions on Central is a located north of the northwest corner of Central Ave and Indian School Rd at 1 West Campbell Ave in Phoenix. It is a 254-unit “Class A” three-story apartment complex of eighteen buildings built in 2001 on 6.76 acres. The Pavilions features a mix of 1, 2 and 3 bedroom units totaling 281,619 rentable square feet in nine different product types with various amenities. The buildings feature two levels of living space over ground floor garages – each unit has a garage with washer and dryer. Units are individually metered for electricity.

A Gray Development—in a joint venture with MJ Olson Investments and Joseph E Meyer—sold the land for the pavilions to a joint venture between itself and Northwestern Mutual Life Inurance on September 7th, 1999 for $3,614,850 or $10.36 per ft2, financed with $20.1m in new debt with Northwestern Mutual. This debt was modified on October 10, 2008 and on January 9, 2009 each time to extend the maturity date. On April 21, 2010 ownership of the Pavilions was transferred to the Gray Development and Reliant Group joint venture with a new HUD loan of $21.452m originated by Red Mortgage Capital.

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Edward Moore
Director of Research

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