VIZZDA—September 7th, 2012 — Humberto Lopez, a Tucson-based multifamily investor and President of HSL Properties, has acquired the 264-unit Broadstone at Queen Creek for $28m or ~$106k per door. The property—located North of the Northeast corner of Ellsworth Loop and Ocotillo Road—consists of forty-eight 3-story buildings totaling 271,553 square feet and was built 2008 on 12.64 acres. It is the multifamily portion of the 68-acre, 318k square foot Cornerstone at Queen Creek mixed-use power center. The individually metered unit mix is as follows:
|
Units |
Beds |
Baths |
SF |
Rent Range |
|
46 |
1 |
1 |
887 |
$790 – $1180 |
|
46 |
1 |
1 |
904 |
$815 – $1335 |
|
8 |
1 |
1 |
838 |
$860 – $1325 |
|
66 |
2 |
2 |
1132 |
$795 – $1295 |
|
66 |
2 |
2 |
1187 |
$825 – $1275 |
|
32 |
3 |
2 |
1378 |
$995 – $1530 |
The selling party, Robert Hutt of Alliance Residential, previously acquired the land on which the complex sits from Robert Mayhall of WDP on July 23rd, 2007 for $5,783,809 with $34.423m in new financing from JP Morgan Chase. Mr. Lopez paid $9m cash down payment and secured $19m in new debt with National Bank of Arizona.
VIZZDA 