The San Diego-based private investment group, Lomco LLC, preempted the offer deadline for a four-week marketing with its bid, Sean Cunningham, a senior vice president for CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com. A quick loan commitment at 75% loan-to-value from McLean, VA-based Freddie Mac as well as rapid due diligence helped push the deal to close, he says of the 2400 N. Arizona Ave. property.
"We never had a call for offers," Cunningham says, adding the 93%-leased complex generated other interest. "The transaction was made prior to the offer date. By making an offer in advance of the bid date, we entered escrow."
Cunningham and CBRE's Tyler Anderson represented the seller. Barry Petro of Houston-based LJ Melody Co.'s San Diego office arranged financing for buyer, Lomco LLC of San Diego, which has two more multifamily properties its Phoenix pipeline.
Mark-Taylor Residential Inc. of Scottsdale developed the property in 2003, bringing on Ameriton Properties Inc. of Denver as an equity participant. The San Cierra consists of 120 one-bedroom units, 172 two-bedroom units, and 40 three-bedroom units in two- and three-story buildings positioned on 19 acres. The average unit is 1,014 sf with monthly rent averaging $851.
"Chandler is an improving market. Right now we're hitting the end of a construction cycle so there's a significant amount of construction activity coming on-line from 2001 and 2002," Cunningham says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
