Jerry Scanlon of Coto de Caza, CA, bought the holding from Bud Held with the Del Mar, CA-based Amber Ridge LLC. "He was motivated to sell and saw an opportunity to make a few dollars in the process," Bret Zinn, a marketing associate with Colliers International's Phoenix office, tells GlobeSt.com. Scanlon assumed approximately $3.5 million in debt at a 7% interest rate that was originally provided by Charlotte, NC-based Wachovia Corp.
Located at 3802 N. 27th St., Amber Ridge was constructed in 1985 and features 138 units that rent for an average $587 per month. The complex consists of 54 one-bedroom units and 84 two-bedroom units. Amenities include a pool, covered parking and laundry facility.
Zinn notes the deal was unusual in that Held originally purchased the project in January 2003 for $5.5 million. At that time, Scanlon came in number two to buy the complex. Held did a number of renovations, including improvements to the air conditioning, roof and landscaping. Scanlon plans additional improvements, including a parking lot reseal and new exterior paint job.
Amber Ridge's location about a mile south of Camelback Road was a key to closing the deal, Zinn says. While multifamily vacancies have crept up a little over the past few months along the corridor--presently at 9%--Amber Ridge boasted a 5% vacancy rate at closing.
Zinn and Cindy Cooke of Colliers International represented the seller, and Scanlon, a licensed real estate broker, represented himself in the deal. Colliers' management division will oversee the property for Scanlon.
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