Montvale, NJ-based Empire Equities paid $31.5 million for Jefferson on Central, located at 4140 N. Central Ave., and $31 million for Jefferson Steele Park, situated at 411 E. Indian School Rd. Acquisition financing was obtained from KeyBank Corp. of Cleveland at about 80% loan-to-cost.
Empire picked up both properties at mid-90% occupancies, though both still offered concessions at the time of close. The new owner has renamed the complexes to Emperion on Central and Emperion Steele Park. Units average 900 sf.
"They were in escrow once, all three of them, but that did not go through. From marketing to this closing, I'd say this lasted a good 180 days," Bob Bruno of Hendricks & Partners' in Phoenix office tells GlobeSt.com.
Empire stepped in earlier this year following the dissipation of one escrow and emerged as the preferred buyer, besting several offers gleaned during marketing. The 330-unit Jefferson Estates on Maryland at 1802 W. Maryland Ave. remains on the market. Bruno and Mark Forrester of Phoenix-based Hendricks & Partners represented both parties in the purchase deal.
The seller, JPI of Irving, TX, developed four Jefferson multifamily properties in 2000. A year later, it sold the 539-unit Jefferson on Scottsdale Road apartments at 17212 N. Scottsdale Rd. to a Seattle investor for $54 million.
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