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Metro Phoenix Multifamily Sales Report
Multifamily Sales Report SEPTEMBER 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 PARAGON AT KIERLAND 15440 N. 71st St. Scottsdale, Arizona 85254 1 Units.........................................276 Year Built...............................2001 Building Square Feet.......289,368 Location Class...........................A+ Property Class............................A Submarket.......Scottsdale Airpark Condition...............Above Average Metering........Individually Metered Price..................................$57,750,000 Price Per Unit........................$209,239 Price Per Square Foot..............$199.57 Sale Date..............................9/30/2013 Sale Conditions..................Market Rate Terms........................................All Cash Reported Cap Rate........................4.5% Occupancy at COE..........................96% Buyer: Sentinel Real Estate Cor 1251 Avenue of the Americas New York, NY 10020 Seller: Sunstone Realty 910-925 W. Georgia St. Vancouver, BC V6C 3L2 Comments: Sold by Colliers. Highest Per Unit Transaction in Phoenix 2013 Units.........................................266 Year Built...............................2000 Building Square Feet.......283,254 Location Class.............................B Property Class............................A Submarket..Superstition Corridor Condition...............Above Average Metering........Individually Metered Price..................................$33,800,000 Price Per Unit.........................$127,068 Price Per Square Foot...............$119.33 Sale Date..............................9/25/2013 Sale Conditions..................Market Rate Terms........................................All Cash Reported Cap Rate......................5.30% Occupancy at COE..........................92% Buyer: Frankel Family Trust 434 S. Euclid St. Anaheim, CA 92802 Seller: Archon Group 6011 Connection Dr. Irving, TX 75039 Comments: Last Sold in April, 2007 for $120,301 Per Unit Units........................................260 Year Built................................1979 Building Square Feet........194,400 Location Class...........................C+ Property Class...........................BSubmarket......Northwest Phoenix Condition..........................Average Metering........Individually Metered Price.....................................$9,100,000 Price Per Unit..........................$35,000 Price Per Square Foot...............$46.81 Sale Date..............................9/25/2013 Sale Conditions..................Market Rate Terms........Mutual of Omaha, 79% LTV Reported Cap Rate......................6.50% Occupancy at COE..........................96% Buyer: Cal Desouza 15169 N. Scottsdale Rd. Scottsdale, AZ 85254 Seller: Thomson Companies 204 Roundy Dr. Pewaukee, WI 53072 Comments: Sold by Colliers HSK Multifamily % # UNIT TYPE AVG. SF 33% 92 1 BD / 1 BA 924 54% 148 2 BD / 2 BA 1059 13% 36 3 BD / 2 BA 1323 AVG. UNIT SIZE AVERAGE RENTS 1048 SF $1355 BALA DESERTSCAPE 5120 E. Hampton Ave. Mesa, Arizona 85206 2 % # UNIT TYPE AVG. SF 50% 132 1 BD / 1 BA 861 48% 128 2 BD / 2 BA 1258 2% 6 3 BD / 2 BA 1419 AVG. UNIT SIZE AVERAGE RENTS 1065 SF $1065 NORTHERN TERRACE 5220 W. Northern Ave. Glendale, Arizona 85301 3 MONTHLY SALES REPORT | SEPTEMBER 2013 % # UNIT TYPE 15% 40 STUDIO 500 58% 152 1 BD / 1 BA 700 26% 68 2 BD / 2 BA 1000 AVG. UNIT SIZE AVERAGE RENTS AVG. SF 748 SF $546 COLLIERS INTERNATIONAL P. 2 MARKET OVERVIEW Sales Detail TEXONA HUNTINGTON 2145 W. Broadway Rd. Mesa, AZ 85202 4 Units.........................................480 Year Built................................1975 Building Square Feet.......386,912 Location Class...........................C+ Property Class...........................C+ Submarket.............................Mesa Condition...............Below Average Metering........Individually Metered Price...................................$19,900,000 Price Per Unit...........................$41,458 Price Per Square Foot................$51.43 Sale Date...............................9/13/2013 Sale Conditions.......................REO sale Terms........................................All Cash Reported Cap Rate...........Not Reported Occupancy at COE..........................77% Buyer: Onni Real Estate 300-550 Robson St. Vancouver, BC V6B 2B7 Seller: Latitude Management 10880 Wilshire Blvd. Los Angeles, CA 90024 Comments: Last Sold for $21,000,000 in November, 2010 Price..................................$34,000,000 Price Per Unit........................$200,000 Price Per Square Foot...............$137.16 Sale Date...............................9/11/2013 Sale Conditions..................Market Rate Terms........................................All Cash Reported Cap Rate......................5.58% Occupancy at COE.........................95% Buyer: Camden Property Trust 11 Greenway Plz. Houston, TX 77046 Seller: iStar Financial 10960 Wilshire Blvd Los Angeles, CA 90024 Comments:$38.8 Mil loan was acquired by iStar from the FDIC on 07/09/2007. iStar subsequently foreclosed % # UNIT TYPE 10% 48 STUDIO 490 28% 136 1 BD / 1 BA 686 50% 240 2 BD / 2 BA 864 12% 56 3 BD / 2 BA 1120 AVG. UNIT SIZE AVERAGE RENTS AVG. SF 806 SF $591 CAMDEN SOTELO 615 E. Weber Dr. Tempe, Arizona 85281 5 Units.........................................170 Year Built................................2012 Building Square Feet.......247,882 Location Class.............................A Property Class..........................A+ Submarket...........................Tempe Condition...............Above Average Metering........Individually Metered BELLA LOFTS 4444 W. Ocotillo Rd. Glendale, Arizona 85301 6 Units..........................................159 Year Built................................1975 Building Square Feet........149,868 Location Class.............................C Property Class...........................C+ Submarket......Northwest Phoenix Condition..........................Average Metering...............Master Metered MONTHLY SALES REPORT | SEPTEMBER 2013 Price....................................$5,725,000 Price Per Unit..........................$36,006 Price Per Square Foot...............$38.20 Sale Date................................9/9/2013 Sale Conditions..................Market Rate Terms...National Bank of AZ, 65% LTV Reported Cap Rate...........Not Reported Occupancy at COE..........................95% Buyer: James Clapp 6007 Del Mar Mesa Rd. San Diego, CA 92130 Seller: Cal Desouza 15169 N. Scottsdale Rd. Scottsdale, AZ 85254 Comments: Previously purchased for $2.7 Mil out of foreclosure % # UNIT TYPE AVG. SF 21% 36 1 BD / 1 BA 897 45% 76 2 BD / 2 BA 1280 7% 12 2+ BD / 2 BA 1497 27% 46 2+ BD / 2+ BA 2181 AVG. UNIT SIZE AVERAGE RENTS 1458 SF $1604 % # UNIT TYPE AVG. SF 7% 11 1 BD / 1 BA 697 22% 36 1 BD / 1+ BA 803 18% 28 2 BD / 1 BA 835 22% 35 2 BD / 1+ BA 989 11% 17 3 BD / 2 BA 994 20% 32 3 BD / 2 BA 1200 AVG. UNIT SIZE AVERAGE RENTS 943 SF $732 COLLIERS INTERNATIONAL P. 3 MARKET OVERVIEW Sales Detail VERSANTE 1330 W. Broadway Rd. Tempe, Arizona 85282 7 Units........................................240 Year Built................................1971 Building Square Feet........184,752 Location Class.............................B Property Class...........................C+ Submarket...........................Tempe Condition..........................Average Metering........Individually Metered Price..................................$15,000,000 Price Per Unit..........................$62,500 Price Per Square Foot.................$81.19 Sale Date................................9/6/2013 Sale Conditions..................Lender Sale Terms..NY Community Bank, 75% LTV Reported Cap Rate.......................6.15% Occupancy at COE..........................93% Buyer: Gelt Inc. 5567 Reseda Blvd. Tarzana, CA 91356 Seller: Principal RE Investors 801 Grand Ave. Des Moines, IA 50309 Comments: Previously acquired through a deed in lieu of Foreclosure in October, 2009 Units..........................................181 Year Built................................1978 Building Square Feet.........69,900 Location Class...........................CProperty Class............................C Submarket......Northwest Phoenix Condition..........................Average Metering...............Master Metered Price....................................$4,400,000 Price Per Unit..........................$24,309 Price Per Square Foot...............$62.95 Sale Date................................9/5/2013 Sale Conditions..................Market Rate Terms....Washington Federal, 65% LTV Reported Cap Rate...........Not Reported Occupancy at COE..........................87% Buyer: Andre Laibe 1450 E. Amberwood Dr. Phoenix, AZ 85048 Seller: Cal Desouza 15169 N. Scottsdale Rd. Scottsdale, AZ 85254 Comments: Last Sold for $2 Mil in May, 2010 % # UNIT TYPE AVG. SF 40% 96 1 BD / 1 BA 630 45% 108 2 BD / 1 BA 846 15% 36 2 BD / 2 BA 914 AVG. UNIT SIZE AVERAGE RENTS 770 SF $630 BELLA VERDE 3030 N. 35th Ave Phoenix, Arizona 85017 8 % # UNIT TYPE 49% 88 STUDIO 300 49% 88 1 BD / 1 BA 450 2% 5 2 BD / 1 BA 780 AVG. UNIT SIZE AVERAGE RENTS AVG. SF 386 SF $512 CANYON PLACE 4715 N. Black Canyon Hwy. Phoenix, Arizona 85015 9 Units.........................................288 Year Built................................1985 Building Square Feet.......190,800 Location Class.............................C Property Class..........................BSubmarket......Northwest Phoenix Condition...............Above Average Metering........Individually Metered MONTHLY SALES REPORT | SEPTEMBER 2013 Price.....................................$7,631,000 Price Per Unit...........................$26,497 Price Per Square Foot................$39.99 Sale Date................................9/3/2013 Sale Conditions..........Debt Assumption Terms.5.45% FNME Assump,75% LTV Reported Cap Rate......................6.00% Occupancy at COE..........................93% Buyer: Cal Desouza 15169 N. Scottsdale Rd. Scottsdale, AZ 85254 Seller: Raymond King Yu Trust 15510 Azzure Ct. Los Angeles, CA 90077 Comments: Sold by Colliers HSK Multifamily % # UNIT TYPE 12% 36 STUDIO 450 50% 144 1 BD / 1 BA 600 12% 36 1+ BD / 1 BA 700 12% 36 2 BD / 2 BA 800 12% 36 3 BD / 2 BA 950 AVG. UNIT SIZE AVERAGE RENTS AVG. SF 663 SF $505 COLLIERS INTERNATIONAL P. 4 v Ca Pima Rd McDo well Mtn Rd ry Pass Rd Crimson Rd University Rd. Dr | Tempe, AZ 1330 W. Broadway Apache Tr Broadway Rd Signal Butte Rd Sossaman Rd Idaho Rd Brown Rd Ironwood Rd t Meridian Rd uc Hawes Rd 8 Bella Verde Southern Av 3030 60 N. 35th Ave. | Phoenix, AZ 4715 N. Black Canyon Hwy | Phoenix, AZ Vineyard Rd Power Rd Greenfield Rd Val Vista Dr Lindsay Rd Gilbert Rd Cooper Rd 6 Bella Lofts 4444 W. Ocotillo Rd. | Glendale, AZ u Ellsworth Rd Arizona Av Chandler Heights Rd Us e Bush Hwy Gilbert Rd n Higley Rd Country Club Dr McQueen Rd Ray Rd Germann Rd 347 Germann Rd Queen Creek Rd Riggs Rd Hunt Hwy tC ana l COLLIERS INTERNATIONAL P. 5 v el 587 10 ilbert Rd arico pa R d MONTHLY SALES REPORT | SEPTEMBER 2013 RESERVATION Warner Rd Pecos Rd Queen Creek Rd 615 E. Weber Dr. | Tempe, AZ 9 Canyon Place Elliot Rd Higley Rd GILA RIVER University Dr Main St Williams Field Rd Queen Creek Rd 5 Camden Sotelo 7 Versante Guadalupe Rd Chandler Bl 2145 W. Broadway Rd. | Mesa, AZ ed 2 Alma School Rd Dobson Rd McClintock Dr Kyrene Rd Maricopa Fwy 51st Av Warner Rd Ray Rd Elliot Rd McDowell Rd Southern Av Superstition Frwy Baseline Rd Pecos Rd INDIAN Broadway Rd 87 Western Canal R. al Brown Rd Apache Bl 1014 Ca ern uth McKellips Rd 60 Rural Rd 10 Elliot Rd Estrella Dr 7 Baseline Rd Dobbins Rd Gila Rive r Scottsdale Rd Pima Rd Southern Av University Dr Mill Av o p a Fwy 56th St 24th St 16th St 7th Av Central Av 7th St 143 S a lt So 4 Texona Huntington Granite Reef Dam Aq Baseline Rd Ma Broadway Rd Southern Av ric 5 3 Northern Terrace nd SKY HARBOR INTL. AIRPORT 17 ver Salt R i McDowell Rd 202 Buckeye Rd Lower Buckeye Rd Thomas Rd y Hw 5220 W. Northern Ave. | Glendale, AZ SALT RIVER PIMA-MARICOPA INDIAN RESERVATION 87 Indian School Rd Hayden Rd Camelback Rd 10 Van Buren St uckeye Rd Chaparral Rd Price Rd McDowell Rd Indian Bend Rd Scottsdale Rd 7th Av Central Av 7th St 19th Av 8 51 B e e li n e Shea Bl Lincoln Dr McDonald Dr Grand Canal Indian School Rd 5120 E. Hampton Ave. | Mesa, AZ F annin-McF a rla 43rd Av Av 9 87 2 Bala Desertscape Shea Bl 24th St d Thomas Rd 17 The Paragon at Kierland 15440 N. 71st St. | Scottsdale, AZ RESERVATION h t Bl Val Vista Dr r 16th St Squaw Peak Pkwy an Camelback Rd 35th Av 6 Bethany Home Rd Multifamily Sales 1 INDIAN Cactus Rd Ca ve C Tatum Bl 40th St 32nd St e ek R d 43rd Av 51st Av 59th Av 67th Av Glendale Av 75th Av 83rd Av 91st Av 3 Gr 99th Av 1 Lloyd Thunderbird Rd Dunlap Av Indian School Rd Broadway Rd Fran k Greenway Rd Recker Rd 35th Av 51st Av 59th Av Ag u 111th Av 107th Av l Cactus Rd 60 Papago Fwy 115th Av 19th Av 67th Av 75th Av 83rd Av y aF ria Fw Greenway Rd na 107th Av Bell Rd g Wri A ri zon a FORT MCDOWELL Union Hills Dr Peoria Av Northern Av Sales Map Happy Valley Rd Deer Valley Rd Beardsley Rd Thunderbird Rd Ca 101 Rio Verde Dr Pinnacle Peak Rd Black Canyon Fwy New River R i v er gu a Fria Lake Ple asan t Rd Rd Pinnacle P e ak Bell Rd Olive Av Dynamite Bl MARKET OVERVIEW Happy Valley Rd Union Hills Dr 99th Av El Mirage Rd s A queduct Rive r de Beardsley Rd ode Lone Mountain Rd V er yd Ha A en -Rh 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 | SEPTEMBER 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.
