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Metro Phoenix Multifamily Sales Report
Multifamily Sales Report OCTOBER 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 44 MONROE 44 W. Monroe St. Phoenix, Arizona 85003 1 Buyer: Winthrop Realty Trust 7 Bulfinch Pl Boston, MA 02114 Seller: ST Residential 175 W. Jackson St. Chicago, IL 60604 Comments: $86.8 Mil loan was acquired by ST Residential from the FDIC on 06/01/2010. Built as condos. Units.........................................188 Year Built...............................2008 Building Square Feet.......257,143 Location Class.............................A Property Class..........................A+ Submarket.....Downtown Phoenix Condition...............Above Average Metering........Individually Metered Price.................................$40,000,000 Price Per Unit.........................$212,766 Price Per Square Foot..............$155.56 Sale Date.............................10/31/2013 Sale Conditions................Portfolio Sale Terms.....$150,000,000 Portfolio Loan Reported Cap Rate..........................N/A Occupancy at COE...........................N/A Units.........................................337 Year Built...............................2009 Building Square Feet.......255,946 Location Class.............................A Property Class............................A Submarket.......Scottsdale Airpark Condition...............Above Average Metering........Individually Metered Price..................................$51,000,000 Price Per Unit.........................$151,335 Price Per Square Foot..............$199.26 Sale Date.............................10/31/2013 Sale Conditions...............................REO Terms........................................All Cash Reported Cap Rate..........................N/A Occupancy at COE..........................93% Buyer: CBRE Global 515 S. Flower St Los Angeles, CA 90071 Seller: Prudential RE 8 Campus Dr. Parsippany, NJ 07054 Comments: $44.6 Mil loan was acquired by Prudential RE from the FDIC on 07/28/2010 Units........................................289 Year Built...............................2001 Building Square Feet.......289,528 Location Class...........................B+ Property Class............................A Submarket.......................Chandler Condition...............Above Average Metering........Individually Metered Price..................................$32,900,000 Price Per Unit.........................$113,841 Price Per Square Foot..............$113.63 Sale Date.............................10/31/2013 Sale Conditions..................Market Rate Terms......................CBRE, 59.61% LTV Reported Cap Rate..........................N/A Occupancy at COE..........................96% Buyer: Acacia Capital 101 S Ellsworth Ave. Chandler, AZ 85286 Seller: PEM REal Estate 1385 N. Northsight Blvd. Scottsdale, AZ 85260 Comments: PEM purchased in Jan. 2007 for $32.4 Mil % # UNIT TYPE AVG. SF 2% 4 1 BD / 1 BA 688 59% 110 1 BD / 1+ BA 1136 32% 60 2 BD / 2 BA 1548 2% 4 2 BD / 2+ BA 2751 4% 8 2+ BD / 2 BA 2107 1% 2 3 BD / 2 BA 4337 AVG. UNIT SIZE AVERAGE RENTS 1368 SF $1,942 NINETY DEGREES 18440 N. 68th St. Phoenix, Arizona 85054 2 % # UNIT TYPE AVG. SF 24% 80 STUDIO 578 40% 136 1 BD / 1 BA 693 7% 25 2 BD / 1 BA 705 29% 96 2 BD / 2 BA 1029 AVG. UNIT SIZE 762 SF AVERAGE RENTS $1,120 VILLAMORA 2150 S. Arizona Ave. Chandler, Arizona 85286 3 MONTHLY SALES REPORT | OCTOBER 2013 % # UNIT TYPE AVG. SF 25% 72 1 BD / 1 BA 681 61% 176 2 BD / 2 BA 1067 14% 41 3 BD / 2 BA 1232 AVG. UNIT SIZE AVERAGE RENTS 1002 SF $869 COLLIERS INTERNATIONAL P. 2 MARKET OVERVIEW Sales Detail BETHANY PARK 5830 N. 67th Ave. Glendale, AZ 85301 4 Units.........................................172 Year Built................................1984 Building Square Feet.......132,420 Location Class...........................C+ Property Class...........................BSubmarket.......................Glendale Condition..........................Average Metering........Individually Metered Price....................................$5,475,000 Price Per Unit............................$31,831 Price Per Square Foot................$41.35 Sale Date............................10/26/2013 Sale Conditions.............Double Escrow Terms..........NY Community, 73.1% LTV Reported Cap Rate..........................N/A Occupancy at COE.........................88% Buyer: Dalan Management 134 W. 25th St. New York, NY 10001 Seller: Devin Durant 6239 Pineview Dr. Dallas, TX 75248 Comments: Off-market transaction Units.........................................172 Year Built................................1984 Building Square Feet.......132,420 Location Class...........................C+ Property Class..........................BSubmarket.......................Glendale Condition..........................Average Metering........Individually Metered Price.....................................$4,095,770 Price Per Unit...........................$23,813 Price Per Square Foot...............$30.93 Sale Date............................10/25/2013 Sale Conditions.............Double Escrow Terms........................................All Cash Reported Cap Rate..........................N/A Occupancy at COE.........................88% Buyer: Devin Durant 6239 Pineview Dr. Dallas, TX 75248 Seller: Tim & Diane Riedy 5571 Salmon Ct. Discovery Bay, CA 94505 Comments: Last sale was in August 2005 for $8.05 Mil. Buyer exercised a previouly negotiated purchase option. Units.........................................576 Year Built................................1980 Building Square Feet.......450,880 Location Class...........................B+ Property Class...........................BSubmarket..Superstition Corridor Condition...............Above Average Metering........Individually Metered Price..................................$38,425,000 Price Per Unit...........................$66,710 Price Per Square Foot...............$85.22 Sale Date............................10/22/2013 Sale Conditions..........Debt Assumption Terms.................US Bank, 53.06% LTV Reported Cap Rate..........................N/A Occupancy at COE..........................94% Buyer: Spire Capital 25 Bligh St Sydney, Australia 2000 Seller: Summit Equity 1640 S. Sepulveda Blvd. Los Angeles, CA 90025 Comments: Last sale was in Oct. 2011 for $29.1 Mil % # UNIT TYPE AVG. SF 72% 124 1 BD / 1 BA 722 28% 48 2 BD / 2 BA 915 AVG. UNIT SIZE AVERAGE RENTS 776 SF $573 BETHANY PARK 5830 N. 67th Ave. Glendale, Arizona 85301 5 % # UNIT TYPE AVG. SF 72% 124 1 BD / 1 BA 722 28% 48 2 BD / 2 BA 915 AVG. UNIT SIZE AVERAGE RENTS 776 SF $573 AVENTERRA 1960 W. Keating Ave, Mesa, Arizona 85202 6 MONTHLY SALES REPORT | OCTOBER 2013 % # UNIT TYPE AVG. SF 58% 336 1 BD / 1 BA 680 14% 80 2 BD / 1 BA 860 28% 160 2 BD / 2 BA 960 AVG. UNIT SIZE AVERAGE RENTS 783 SF $713 COLLIERS INTERNATIONAL P. 3 MARKET OVERVIEW Sales Detail THE COLONY 4711 N. 53rd Ln. Phoenix, Arizona 85031 7 Units........................................236 Year Built................................1979 Building Square Feet........212,488 Location Class.............................C Property Class............................C Submarket......Northwest Phoenix Condition..........................Average Metering........Individually Metered Price....................................$8,600,000 Price Per Unit...........................$36,441 Price Per Square Foot...............$40.47 Sale Date............................10/22/2013 Sale Conditions..................Market Rate Terms..NY Community Bank, 75% LTV Reported Cap Rate........................6.2% Occupancy at COE.........................89% Units.........................................208 Year Built................................1985 Building Square Feet........128,128 Location Class...........................C+ Property Class............................B Submarket.......................Glendale Condition..........................Average Metering........Individually Metered Price....................................$8,525,000 Price Per Unit..........................$40,986 Price Per Square Foot...............$66.54 Sale Date.............................10/15/2013 Sale Conditions..................Market Rate Terms....Walker & Dunlop, 64.21% LTV Reported Cap Rate......................6.75% Occupancy at COE..........................93% Buyer: Nasim Sikder 6015 W. Trovita Pl. Chandler, AZ 85226 Seller: Banc of America Dev. 401 N. Tryon St. Charlotte, NC 28202 Comments: Last Sold for $8.9 Mil in March, 2006 Units.........................................301 Year Built................................1972 Building Square Feet.......273,288 Location Class...........................CProperty Class...........................CSubmarket......Northwest Phoenix Condition..........................Average Metering..............Master Metered Price....................................$7,050,000 Price Per Unit..........................$23,422 Price Per Square Foot...............$25.80 Sale Date.............................10/15/2013 Sale Conditions..................Market Rate Terms........................................All Cash Reported Cap Rate.....................11.64% Occupancy at COE..........................94% Buyer: Michael McCloskey 262 E. Mountain Ave. Fort Collins, CO 80524 Seller: Lili Stoianova 5101 N. 20th St. Phoenix, AZ 85016 Comments: Sold for $4.5 Mil in December 2011 Buyer: CalCap Advisors 55 S. Lake Ave. Pasadena, CA 91101 Seller: Banc Of Amercia Dev. 401 N. Tryon St. Charlotte, NC 28202 Comments: Last sale was in Oct, 2006 for $13.15 Mil % # UNIT TYPE AVG. SF 42% 100 1 BD / 1 BA 754 58% 136 2 BD / 2 BA 1008 AVG. UNIT SIZE AVERAGE RENTS 900 SF $544 ACACIA POINTE 8344 N. 67th Ave. Glendaale, Arizona 85302 8 % # UNIT TYPE AVG. SF 50% 104 1 BD / 1 BA 528 50% 104 2 BD / 1 BA 702 AVG. UNIT SIZE AVERAGE RENTS 615 SF $540 PINE RIDGE 2627 N. 45th Ave. Phoenix, Arizona 85035 9 MONTHLY SALES REPORT | OCTOBER 2013 % # UNIT TYPE AVG. SF 11% 33 1 BD / 1 BA 600 43% 130 2 BD / 1 BA 800 46% 138 3 BD / 2 BA 1100 AVG. UNIT SIZE AVERAGE RENTS 916 SF $724 COLLIERS INTERNATIONAL P. 4 v Ca Pima Rd Scottsdale Rd Higley Rd Chandler Heights Rd 347 Val Vista Dr Germann Rd Queen Creek Rd ry Pass Rd 5830 N. 67th Ave. | Glendale, AZ Idaho Rd Ironwood Rd uc Meridian Rd 5 Bethany Park 5830 N. 67th Ave. | Glendale, AZ t Brown Rd Signal Butte Rd Crimson Rd Hawes Rd Sossaman Rd Southern Av 7 The Colony 60 4711 N. 53rd Ln. | Phoenix, AZ 8 Acacia Pointe 9 Pine Ridge Vineyard Rd 8344 N. 67th Ave. | Glendale, AZ Ellsworth Rd Pecos Rd 4 Bethany Park 6 Aventerra at Dobson University DrRanch Apache |TrMesa, AZ 1960 Keating Ave. Broadway Rd Power Rd Ray Rd 2150 S. Arizona Ave. | Chandler, AZ Us e Bush Hwy Gilbert Rd n Greenfield Rd Val Vista Dr Lindsay Rd Gilbert Rd Cooper Rd McQueen Rd Warner Rd Williams Field Rd Queen Creek Rd 2627 N. 45th Ave. | Phoenix, AZ 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 RESERVATION Elliot Rd 3 Villamora ue d University Dr Main St 3 INDIAN McDowell Rd Guadalupe Rd 87 Chandler Bl GILA RIVER al Higley Rd Country Club Dr So Broadway Rd Alma School Rd Dobson Rd Warner Rd Ray Rd Elliot Rd Pecos Rd MONTHLY SALES REPORT | OCTOBER 2013 McDo well Mtn Rd Pima Rd Hayden Rd Scottsdale Rd Western Canal Ca ern uth R. Southern Av Superstition Frwy Baseline Rd 6 McClintock Dr Maricopa Fwy 51st Av Estrella Dr Kyrene Rd 10 Elliot Rd S a lt Brown Rd 60 Baseline Rd Granite Reef Dam McKellips Rd Apache Bl 101 Mill Av Southern Av Dobbins Rd Gila Rive r University Dr o p a Fwy Rural Rd ric 143 56th St 24th St 16th St 7th Av Central Av 7th St 24th St SKY HARBOR INTL. AIRPORT Price Rd 16th St Squaw Peak Pkwy 7th Av Central Av 7th St 19th Av 35th Av 43rd Av Baseline Rd McDowell Rd Ma Broadway Rd Southern Av Thomas Rd Indian School Rd 18440 N. 68th St. | Phoenix, AZ Aq 1 17 ver Salt R i Chaparral Rd 202 Buckeye Rd Lower Buckeye Rd Indian Bend Rd 2 Ninety Degrees nd 10 Van Buren St uckeye Rd Camelback Rd SALT RIVER PIMA-MARICOPA INDIAN RESERVATION 87 Arizona Av Ca ve C Tatum Bl 40th St 32nd St e ek R d 43rd Av 51st Av 59th Av 67th Av McDowell Rd B e e li n e F annin-McF a rla 9 Thomas Rd 44 W. Monroe St. | Phoenix, AZ y Hw Shea Bl Lincoln Dr McDonald Dr 87 1 44 Monroe Shea Bl 51 INDIAN Multifamily Sales RESERVATION h t Bl Thunderbird Rd r Indian School Rd Lloyd Cactus Rd Grand Canal Av 7 d 99th Av Bethany Home Rd an Indian School Rd 17 Gr 75th Av 83rd Av 91st Av Glendale Av Camelback Rd Broadway Rd Fran k Greenway Rd Dunlap Av 8 5 4 2 Recker Rd 35th Av 51st Av 59th Av Ag u 111th Av 107th Av Cactus Rd 60 Papago Fwy 115th Av 19th Av 67th Av 75th Av 83rd Av y aF ria Fw Thunderbird Rd Ca l 107th Av Bell Rd Greenway Rd FORT MCDOWELL Union Hills Dr g Wri A ri zon a na Northern Av Sales Map Happy Valley Rd Deer Valley Rd Beardsley Rd Peoria Av Olive Av 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 101 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 | OCTOBER 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.
