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California Exchange Buyer Closes $23M Class A Sale

CHANDLER, AZ-CalNeva Asset Management places the winning offer for the 95%-leased Montage at Pecos Ranch to get its first property in Arizona. The four-year-old, 258-unit complex has upside in long-term appreciation with the asset and market.

By Jennifer D. Duell | Updated on January 22, 2005

CHANDLER, AZ-An investment group from Oakland, CA has made its first buy in Arizona, using gain from a 1031 exchange and 70% loan-to-value financing to acquire the 258-unit Montage at Pecos Ranch. The buyer has paid $23 million to a limited partnership led by Fairfield Residential LLC.

CalNeva Asset Management Co.’s first acquisition in the state is a four-year-old, 95%-leased development. “The buyer thinks the value in Arizona is much better over the long-term than in California,” says Bob Bruno, a partner with Hendricks & Partners’ Phoenix office.

Situated on 15.6 acres at 1616 W. Germann Rd., Montage at Pecos Ranch consists of 15 two- and three-story buildings. “This is a true class A complex in every respect,” says Mark Forrester, who teamed with Bruno to sell the asset for Fairfield Pecos Ranch LP. The design includes 78 direct-access garages plus washers and dryers in every unit.

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