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GlobeSt.com EXCLUSIVE: SoCal Buyer Pays $14M for Class C Duo

MESA, AZ-To win the deal, the Santa Monica investor assumes $10.6 million in a trio of loans due in 2008. Nonetheless, the portfolio attracts 20 investors eyeing the value add in the 248-unit Superstition Villas in Mesa and 165-unit Riviera Village in Tempe.

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

MESA, AZ-A buyer from Santa Monica, CA has beaten out 19 other prospective buyers with an $8.1-million bid for the 248-unit Superstition Villas and $5.9-million offer for the 165-unit Riviera Village. The takedown requires the assumption of $10.6 million in three loans.

Buyer John Walsh got the class C complexes–1980s-era product with 90% occupancies–from a 10-year owner, Ron Nolan of Kansas City, MO. “These communities were both value-added opportunities,” says Bert Kempfert, a first vice president in Phoenix for CB Richard Ellis Inc. He tells GlobeSt.com that Walsh was the most qualified buyer out of the 20 investors bidding on the two-property portfolio.

Superstition Villas had a list price of $9.6 million. Situated on 11.4 acres at 2055 E. Hampton Ave. in Mesa, the complex is comprised of 31 single-story buildings in a 50-50% split of one- and two-bedroom units that average 610 sf. The monthly rent averages $513.

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