Chris Fontane of Denver-based NAI Fuller & Co. says the Warwick, RI-based Picerne Development Co., the developer and seller, will continue to lease and manage the properties. "The buyer had purchased an apartment property from Picerne in Las Vegas," Fontane tells GlobeSt.com. "They became comfortable with the quality of the buildings and the management style and when they found out that these assets were available they pursued them."
Fontane says the investment group, led by Jan Storey, started out investing in older communities in Denver and has completed more than 31 transactions. "They've just traded up over the years," she says.
The buyer paid $31.1 million for the one-year-old Remington Ranch at 12740 W. Indian School Rd. in the high-end, master-planned Litchfield Park. Remington Ranch, which is 97% leased, consists of 132 one-bedroom units, 152 two-bedroom apartments and 20 three-bedroom designs, averaging 939 sf. The units rent for an average $925 per month.
Tyler Anderson and Sean Cunningham with CB Richard Ellis Inc. represented Picerne in the Remington Ranch transaction. Cunningham tells GlobeSt.com that Picerne received seven offers on the class A complex, which is "arguably the best property in West Phoenix." The investment group put a new Fannie Mae loan on Remington Ranch through the Cleveland-based KeyBank Corp.
The Club at Coldwater Springs was acquired for $25.7 million. It is under construction at 105 N. Links Dr. in Avondale and will not be finished until March. The buyer assumed an existing construction loan from US Bank and plans to place permanent debt once the project is stabilized.
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