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GlobeSt.com EXCLUSIVE: Texas Group Pays $46M for 516 Units

CHANDLER, AZ-Falcon Southwest, the lead in a JV partnership, goes up against at least 20 others for the class A Biscayne Bay Apartments. The Austin, TX buyer's win comes with a $45.6-million offer for one of the largest multifamily assets in the state.

By Jennifer D. Duell | Updated on May 01, 2005

CHANDLER, AZ-A joint venture partnership, led by Falcon Southwest of Austin, TX, has acquired one of the largest apartment complexes in the state, paying $45.6 million for the 516-unit Biscayne Bay Apartments. The institutional-quality complex was sold by Sentinel Real Estate Corp., a New York City pension fund adviser.

“We had a lot of interest because it’s a major class A property in the city–it’s a sexy deal,” says Bob Bruno, a partner with Hendricks & Partners’ Phoenix office. He tells GlobeSt.com that Biscayne Bay Apartments, located at 300 E. Warner Rd., received more than 20 offers.

The Falcon Southwest partnership was in a three-way tie with two other prospective buyers, but emerged as the winner because it offered the quickest close. Even then, it took nearly 90 days for the transaction to close, says Bruno, who teamed with Mark Forrester, also in Hendricks’ Phoenix office, to broker the transaction. “It’s a sizeable deal, which means that it takes longer to nail down financing,” Bruno explains.

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