The 708-unit portfolio is comprised of Metro Village Apartments, Parkwood Apartments and Sierra Vista Apartments, all class C complexes located throughout the Valley. "This buyer has been investing in the Valley for about three years now," says Barbara Colley, a senior commercial loan processor with Marcus & Millichap Capital Corp., which arranged the financing for Parkwood Apartments and Sierra Vista Apartments. Metro Village Apartments had an assumable loan.
City Hall Realty has more than 1,000 apartments in the Valley with its most recent acquisition. Of those just bought, the largest complex is the 290-unit Metro Village Apartments at 3106 W. Vogel Ave. Built in 1979, the complex has 24 studio designs, 121 one-bedroom apartments, 139 two-bedroom units and six three-bedroom layouts. The average unit is 769 sf; the average rent is $642 per month. The complex is 93% occupied. Colley tells GlobeSt.com that the assumable loan was through a Fannie Mae-DUS lender at 5.57% interest through 2014 at 75% loan-to-value.
Parkwood Apartments, situated at 5656 N. 17th Ave. on nearly six acres, consists of 10 garden-style buildings. The 32-year-old complex boasts 48 studios, 90 one-bedroom units and 22 two-bedroom apartments. Units average 575 sf while rent is averaging $587 per month. The 90%-occupied complex received $5 million through a Fannie Mae-DUS lender at a 74% loan-to-value ratio, with a 5.395% interest rate, according to Colley. The loan has a 10-year fixed term with a 30-year amortization.
The 258-unit Sierra Vista Apartments is positioned at 3535 N. First Ave. in Tucson. The 6.8-acre development, which rose in 1976, has of 21 garden-style buildings with 32 studios, 130 one-bedroom floor plans, 55 two-bedroom units and one three-bedroom apartment. The units average 800 sf; the average rent is $559 per month. The complex, which is 85% occupied, is collateralizing $6.9 million of financing through a Fannie Mae-DUS lender at a 73% loan-to-value ratio with a fixed-rate interest of nearly 5.4%. It has a 10-year fixed term with a 30-year amortization. Greg Miskovsky of MMCC's Phoenix office arranged the financing.
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