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JV Picks Up $32M From Chandler Sale

CHANDLER, AZ-In a swift trade, Mark-Taylor and Ameriton Properties sell the 332-unit San Cierra to a first-time Arizona buyer with $100 million to spend by year's end for three multifamily properties in the metro. The nod goes to a bid preempting the offer deadline.

By Lee Simmons | Updated on May 17, 2004

CHANDLER, AZ-The Scottsdale-based Mark-Taylor Residential Inc. and equity partner, Ameriton Properties Inc. of Denver, have collected $31.6 million from the sale of the 332-unit San Cierra to a first-time Arizona buyer looking to spend $100 million by year’s end on three multifamily purchases.

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.”

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