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GlobeSt.com EXCLUSIVE: 708-Unit Multifamily Portfolio Bags $30M

PHOENIX-City Hall Realty of San Clemente, CA buys an 87%-leased, class C package with two properties in Phoenix and one in Tucson from EJM Development. One deal closes with an assumable loan and the others are inked with new financing.

By Jennifer D. Duell | Updated on January 14, 2005

PHOENIX-City Hall Realty of San Clemente, CA has expanded its presence in the Valley with the $29.5-million acquisition of a three-property multifamily portfolio. The seller was Los Angeles-based EJM Development.

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.

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