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Metro Phoenix Multifamily Sales Report
Multifamily Sales Report JULY 2013 METRO PHOENIX PRESENTED BY: COLLIERS HSK MULTIFAMILY Bill Hahn | Senior Vice President DIRECT +1 602 222 5105 MOBILE +1 602 418 9578 EMAIL [email protected] Jeffrey Sherman | Vice President DIRECT +1 602 222 5109 MOBILE +1 602 694 1127 EMAIL [email protected] Trevor Koskovich | Vice President DIRECT +1 602 222 5145 MOBILE +1 480 227 7420 EMAIL [email protected] MARKET OVERVIEW Sales Detail COUNTRY GABLES 15010 N. 59th Ave. Glendale, Arizona 85306 1 Buyer: Emma Capital 2300 Younge St. Toronto, ON M4P 1E4 Seller: Thomas Nadler 4535 E. Oregon Ave. Phoenix, AZ 85018 Comments: Last sold for $6,650,000 ($47,842/Unit) in July 2003 Units.........................................139 Year Built................................1984 Building Square Feet.........84,462 Location Class...........................BProperty Class...........................BSubmarket...................Arrowhead Condition..........................Average Metering........Individually Metered Price....................................$6,500,000 Price Per Unit...........................$46,763 Price Per Square Foot................$77.45 Sale Date..............................7/31/2013 Sale Conditions..................Market Rate Terms.......NY Community 73.85% LTV Reported Cap Rate......................6.00% Occupancy at COE.........................92% Units.........................................272 Year Built................................1979 Building Square Feet.......126,600 Location Class...........................C+ Property Class............................C Submarket.............................Mesa Condition...............Above Average Metering...............Master Metered Price.....................................$9,100,000 Price Per Unit...........................$33,456 Price Per Square Foot................$71.88 Sale Date..............................7/30/2013 Sale Conditions..................Market Rate Terms....................Wellsfargo 65% LTV Reported Cap Rate......................6.00% Occupancy at COE.........................90% Buyer: SPL Management Co. 6795 E. Tennessee Ave. Denver, CO 80224 Seller: Summit Investment Mtg 1700 Lincoln St. Denver, CO 80203 Comments: Sold by Colliers HSK Multifamily, largest solar parking apartment complex in AZ Units.........................................480 Year Built................................1999 Building Square Feet.......466,840 Location Class...........................BProperty Class...........................ASubmarket...................Deer Valley Condition...............Above Average Metering........Individually Metered Price..................................$52,750,000 Price Per Unit.........................$109,896 Price Per Square Foot..............$112.99 Sale Date..............................7/29/2013 Sale Conditions..................Market Rate Terms................Wellsfargo 72.71% LTV Reported Cap Rate..........Not Disclosed Occupancy at COE..........................98% Buyer: Bridge Investment Group 5295 Commerce Dr. Murray, UT 84107 Seller: Equity Residential 2 N. Riverside Plz. Chicago, IL 60606 Comments: Part of Equity Residential’s Phoenix disposition program % # UNIT TYPE AVG. SF 34% 48 1 BD / 1 BA 440 34% 47 1 BD / 1 BA 566 32% 44 2 BD / 2 BA 835 AVG. UNIT SIZE AVERAGE RENTS 608 SF $522 CASA CARRANZA 1903 N. Country Club Dr. Mesa, Arizona 85201 2 % # UNIT TYPE 38% 104 STUDIO 61% 166 1 BD / 1 BA 500 1% 2 2 BD / 2 BA 800 AVG. UNIT SIZE AVERAGE RENTS AVG. SF 400 464 SF $560 THE RETREAT 20808 N. 27th Ave. Phoenix, Arizona 85027 3 MONTHLY SALES REPORT | JULY 2013 % # UNIT TYPE AVG. SF 25% 120 1 BD / 1 BA 725 25% 120 2 BD / 2 BA 988 33% 160 2 BD / 2 BA 1033 17% 80 3 BD / 2 BA 1200 AVG. UNIT SIZE AVERAGE RENTS 973 SF $803 COLLIERS INTERNATIONAL P. 2 MARKET OVERVIEW Sales Detail SOMERSET VILLAGE 5038 S. Hardy Dr Tempe, Arizona 85282 4 Units.........................................276 Year Built.................................1981 Building Square Feet.......240,144 Location Class...........................B+ Property Class............................B Submarket...........................Tempe Condition..........................Average Metering........Individually Metered Price...................................$17,717,820 Price Per Unit..........................$64,195 Price Per Square Foot..............$74.06 Sale Date...............................7/19/2013 Sale Conditions................Portfolio Sale Terms...........Freddie Mac 48.32% LTV Reported Cap Rate..........Not Disclosed Occupancy at COE..........................96% Buyer: Stratford Partners R.E. 915 Camino Del Mar Del Mar, CA 92014 Seller: TGM Associates L.P. 650 Fifth Ave. New York, NY 10019 Comments: 2 property sale with El Dorado Village % # UNIT TYPE AVG. SF 46% 128 1 BD / 1 BA 720 15% 40 2 BD / 1 BA 840 32% 88 2 BD / 2 BA 1006 4% 12 3 BD / 2 BA 1192 3% 8 3 BD / 2 BA 1444 AVG. UNIT SIZE AVERAGE RENTS 870 SF $678 EL DORADO VILLAGE 1235 W. Baseline Rd. Tempe, Arizona 85283 5 MONTHLY SALES REPORT | JULY 2013 Units.........................................196 Year Built................................1983 Building Square Feet........169,002 Location Class...........................B+ Property Class...........................B Submarket...............South Tempe Condition..........................Average Metering........Individually Metered Price..................................$12,582,180 Price Per Unit...........................$64,194 Price Per Square Foot...............$74.05 Sale Date...............................7/19/2013 Sale Conditions................Portfolio Sale Terms...........Freddie Mac 48.32% LTV Reported Cap Rate..........Not Disclosed Occupancy at COE.........................94% Buyer: Stratford Partners R.E. 915 Camino Del Mar Del Mar, CA 92014 Seller: TGM Associates L.P. 650 Fifth Ave. New York, NY 10019 Comments: 2 property sale with Somerset Village % # UNIT TYPE AVG. SF 45% 89 1 BD / 1 BA 720 18% 36 2 BD / 1 BA 840 30% 59 2 BD / 2 BA 1006 4% 8 3 BD / 2 BA 1194 3% 4 3 BD / 2 BA 1444 AVG. UNIT SIZE AVERAGE RENTS 862 SF $665 COLLIERS INTERNATIONAL P. 3 MARKET OVERVIEW Sales Detail VILLETTA 1840 W. Emelita Ave. Mesa, Arizona 85202 6 Units.........................................352 Year Built................................1983 Building Square Feet.......262,540 Location Class...........................BProperty Class...........................BSubmarket..Superstition Corridor Condition..........................Average Metering........Individually Metered Price...................................$17,500,000 Price Per Unit...........................$49,716 Price Per Square Foot...............$66.66 Sale Date..............................7/17/2013 Sale Conditions..................Market Rate Terms........................................All Cash Reported Cap Rate......................6.50% Occupancy at COE..........................93% Buyer: Bridge Investment Group 5295 Commerce Dr. Murray, UT 84107 Seller: Fairfield Residential 5510 Morehouse Dr. San Diego, CA 92121 Comments: Last sold for $23,550,000 ($66,903/Unit) in November 2006 THE CAMELLERO 7979 E. Camelback Rd. Scottsdale, Arizona 85251 7 Units.........................................624 Year Built................................1979 Building Square Feet........541,620 Location Class...........................AProperty Class............................B Submarket.........South Scottsdale Condition...............Above Average Metering...............Master Metered Price...................................$61,525,000 Price Per Unit..........................$98,598 Price Per Square Foot...............$113.59 Sale Date.................................7/1/2013 Sale Conditions..................Market Rate Terms.....Walter & Dunlop 75.64% LTV Reported Cap Rate..........Not Disclosed Occupancy at COE..........................98% Buyer: Priderock Capital Partners 525 Okeechobee Blvd. West Palm Beach, FL 33401 Seller: Equity Residential 2 N. Riverside Plz. Chicago, IL 60606 Comments: Part of Equity Residential’s Phoenix disposition program % # UNIT TYPE 7% 24 STUDIO 413 14% 48 1 BD / 1 BA 611 31% 112 1 BD / 1 BA 658 15% 54 2 BD / 1 BA 850 28% 98 2 BD / 2 BA 900 5% 16 2 BD / 2 BA 969 AVG. UNIT SIZE AVERAGE RENTS 746 SF $546 % # UNIT TYPE % 31 STUDIO 436 % 6 STUDIO 772 % 88 1 BD / 1 BA 501 % 4 1 BD / 1 BA 725 % 148 1 BD / 1 BA 816 % 74 1 BD / 1 BA 871 % 1 2 BD / 1 BA 750 % 96 2 BD / 2 BA 960 % 52 2 BD / 2 BA 1127 % 124 2 BD / 2 BA 1127 AVG. UNIT SIZE AVERAGE RENTS MONTHLY SALES REPORT | JULY 2013 AVG. SF AVG. SF 868 SF $778 COLLIERS INTERNATIONAL P. 4 Carefree Hwy Pima Rd ry Pass Rd 5038 S. Hardy Dr. | Tempe, AZ Ironwood Rd Meridian Rd 5 El Dorado Village t Brown Rd Idaho Rd 1235 W. Baseline Rd. | Tempe, AZ uc Hawes Rd Broadway Rd Signal Butte Rd Sossaman Rd Crimson Rd 6 Villetta University Dr 1840 W. Emelita Ave. Apache Tr | Mesa, AZ 7 The Camellero Southern Av 60 7979 E. Camelback Rd. | Scottsdale, AZ Vineyard Rd Ellsworth Rd Power Rd Ray Rd Higley Rd Val Vista Dr Arizona Av 4 Somerset Village Us e Bush Hwy Gilbert Rd n Greenfield Rd Val Vista Dr Lindsay Rd Cooper Rd McQueen Rd Warner Rd Germann Rd Queen Creek Rd Germann Rd Queen Creek Rd COLLIERS INTERNATIONAL P. 5 Riggs Rd Hunt Hwy d RESERVATION Elliot Rd Pecos Rd Chandler Heights Rd 347 20808 N. 27th Ave. | Phoenix, AZ ue d University Dr Main St Williams Field Rd Queen Creek Rd Rd INDIAN McDowell Rd 3 The Retreat Guadalupe Rd Chandler Bl GILA RIVER al Southern Av Superstition Frwy Baseline Rd Alma School Rd Dobson Rd Price Rd Warner Rd Ray Rd Elliot Rd R. Higley Rd Country Club Dr Hayden Rd Mill Av 6 Pecos Rd MONTHLY SALES REPORT | JULY 2013 Broadway Rd 87 Western Canal McClintock Dr Maricopa Fwy Elliot Rd Kyrene Rd 10 Ca ern uth Brown Rd 60 Rural Rd Dobbins Rd Granite Reef Dam McKellips Rd Apache Bl 101 5 4 Baseline Rd 56th St 24th St 16th St 7th Av Central Av 7th St University Dr 1903 N. Country Club Dr. | Mesa, AZ S a lt So Hw 2 Casa Carranza Aq 143 Southern Av 51st Av Indian School Rd Gilbert Rd 7 2 o p a Fwy B e e li n e Recker Rd Pima Rd Scottsdale Rd Chaparral Rd McDowell Rd ric 15010 N. 59th Ave. | Glendale, AZ y nd Southern Av Thomas Rd Ma Broadway Rd Baseline Rd Estrella Dr McDo well Mtn Rd Tatum Bl 40th St e ek R d ve C Ca 16th St Squaw Peak Pkwy Camelback Rd SKY HARBOR INTL. AIRPORT 17 ver Salt R i 87 SALT RIVER PIMA-MARICOPA INDIAN RESERVATION 87 Indian Bend Rd 202 Buckeye Rd Lower Buckeye Rd 1 Country Gables Shea Bl Lincoln Dr McDonald Dr 10 Van Buren St Buckeye Rd Gila Rive r h t Bl Cactus Rd 24th St 43rd Av 7th Av Central Av 7th St 35th Av 59th Av McDowell Rd Multifamily Sales RESERVATION Shea Bl 51 INDIAN F annin-McF a rla Thomas Rd Indian School Rd Lloyd Thunderbird Rd r Grand Canal Av Indian School Rd Papago Fwy 115th Av 32nd St Black Canyon Fwy 51st Av 59th Av 51st Av d 99th Av an 107th Av 17 Bethany Home Rd Gr 67th Av Glendale Av Camelback Rd Broadway Rd Fran k Greenway Rd Dunlap Av 75th Av Northern Av 60 83rd Av 91st Av Olive Av 19th Av 111th Av 107th Av l Ag u na Cactus Rd FORT MCDOWELL Bell Rd Peoria Av 101 Deer Valley Rd Beardsley Rd Union Hills Dr 43rd Av aF ria Fw Thunderbird Rd Ca Sales Map Happy Valley Rd Pinnacle Peak Rd Greenway Rd 1 Rio Verde Dr g Wri 99th Av y Bell Rd El Mirage Rd Rd 3 Union Hills Dr A ri zon a 19th Av Pinnacle P e ak Scottsdale Rd Dynamite Bl Happy Valley Rd 67th Av 75th Av 83rd Av s A queduct 35th Av New River R i v er Lake Ple asan t Rd a Fria gu Beardsley Rd ode Lone Mountain Rd MARKET OVERVIEW Rive r de A en -Rh V er yd Ha Ca ve Cre 74 ek Carefree Hwy MARKETING Team Profile Colliers HSK Multifamily is the most effective multifamily marketing team within the world-wide Colliers International organization, with 106 multifamily transactions closed in 2010-2012. In 2012, HSK was recognized as the #1 producing multifamily team in the U.S. The team has represented institutions ranging from local to international, Fannie Mae, Freddie Mac, and CMBS special servicers in the disposition of REO assets, while at the same time assisting buyers in the acquisition of multifamily assets that are poised for repositioning and creating value. As the market transitions back to a more traditional buyer-seller market in 2013 and beyond, the team is positioned perfectly to assist sellers and buyers reach their goals of adding value to their multifamily holdings. The team comprises Bill Hahn, Senior Vice President, Jeff Sherman, Vice President, and Trevor Koskovich, Vice President. Working with a team of three seniorlevel brokers ensures that all critical steps of the sale process, including site visits, negotiations, and closing functions will be handled by people with a high degree of experience and professionalism. Supporting the team are Arsen Aminov, Marketing Coordinator, Alec Rochford, Marketing Assistant and Nathan Bruer, Research Associate. These three professionals ensure that all back-office functions, including preparation and dissemination of marketing materials, and activity reporting to principals, are performed seamlessly. HSK Multifamily also calls upon the resources of Colliers International, one of the three largest full-service commercial real estate companies in the world, to assist in the placement of debt, property management, and appraisal services. The systems in place and services provided by Colliers HSK Multifamily have provided the team with the highest market share of sales of B and C-quality multifamily assets in Arizona. Please contact any team member today to discuss your multifamily investment needs. BILL HAHN Senior Vice President Colliers HSK Multifamily 602.222.5105 – Tel 602.418.9578 – Mobile [email protected] JEFFREY SHERMAN Vice President Colliers HSK Multifamily 602.222.5109 – Tel 602.694.1127 – Mobile [email protected] TREVOR KOSKOVICH Vice President Colliers HSK Multifamily 602.222.5145 – Tel 480.227.7420 – Mobile [email protected] MONTHLY SALES REPORT | JULY 2013 Bill Hahn is a Senior Vice President with Colliers International and the senior member of the Colliers HSK Multifamily team. Utilizing his extensive market knowledge of multifamily assets and their ever-changing transaction market, Bill develops strategic plans for the disposition and acquisition of properties and portfolios. His extensive knowledge base and industry expertise lead to successful and tailored real estate solutions for the team’s clients. Bill has 30 years of experience in the commercial investment real estate market. Jeff Sherman is a Vice President with Colliers International and is a senior member of the HSK Multifamily team. Jeff develops and manages new and existing client relationships and creates marketing strategies that ensure that clients’ objectives are achieved. Jeff uses his indepth knowledge of the metro Phoenix and Arizona markets to advise clients on current market conditions and opportunities that align with their business plans. Since 2007, he has been an investment advisor, specializing in multifamily properties and has won many service excellence and sales production accolades. Trevor Koskovich is a Vice President with Colliers International and is a senior member of the HSK Multifamily team. He has in-depth experience in the negotiation and successful completion of complex real estate transactions. Trevor has a thorough understanding of banking and capital markets, which proves invaluable in assisting clients with the intricacies of transaction financing. He provides clients with a thorough economic analysis to guide them towards informed real estate decisions. Since 2007, Trevor has been an investment advisor, specializing in multifamily properties and working with private client groups, equity partners and REITs. COLLIERS INTERNATIONAL P. 6 PRESENTED BY: COLLIERS HSK MULTIFAMILY Bill Hahn | Senior Vice President DIRECT +1 602 222 5105 MOBILE +1 602 418 9578 EMAIL [email protected] Jeffrey Sherman | Vice President DIRECT +1 602 222 5109 MOBILE +1 602 694 1127 EMAIL [email protected] Trevor Koskovich | Vice President DIRECT +1 602 222 5145 MOBILE +1 480 227 7420 EMAIL [email protected] COLLIERS INTERNATIONAL 2390 E. Camelback Rd, Suite 100 Phoenix, AZ 85016 602.222.5000 www.colliers.com/greaterphoenix www.colliershskmultifamily.com This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2013. All rights reserved.
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Metro Phoenix Multifamily Sales Report
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Condition...............Above Average
Metering........Individually Metered