BREW Reports | $38.25 Million Deal

4/29/2016
CANADIAN INVESTOR STRIKES AGAIN . . . PAYS $38.25 MILLION TO BUY 328­UNIT APARTMENT PROJECT | BREW AZ
CANADIAN INVESTOR STRIKES AGAIN . . . PAYS $38.25 MILLION TO BUY 328-UNIT APARTMENT PROJECT
Publish Date: 04-29-2016
Volume: XXII
Number: 17
Photo Credit: CBRE
Phoenix – CX Holdings LP in Canmore, Alberta, Canada (Ehyan Caldwell, principal) paid $38.25 million ($116,616 per
unit) to purchase the 328-unit Tamarron apartments located at 4410 N. 99th Avenue in Phoenix. The seller was a
1031 Exchange company formed by Sentinel Real Estate Corp. in New York City, N.Y. (Bob Kass, principal). The
buyer was represented by Joe Dietz of ORION Investment Real Estate in Scottsdale. The seller was represented by
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Maricopa County
records show the buyer acquired the apartments with a $27.725 million loan from Walker & Dunlop LLC in
Bethesda, Md. The 甀焀nancing was arranged through Brandon Harrington and Matt Ste耀〠en of Walker & Dunlop in
Phoenix. The escrow was handled by Vicki Etherton of Landmark Title Assurance Agency in Phoenix. In August
2006, Sentinel Real Estate’s 1031 Exchange entity (Fox Trails Limited Partnership) paid just under $26.109 million
($79,600 per unit) to buy the 99th Avenue project. Fox Trails Limited Partnership later assigned ownership to
Tamarron Apartments Limited Partnership, which was the seller in the deal with CX Holdings L.P. Tamarron
apartments was built in 2005. The multi-family investment is the third in the Valley for Ehyan, who has sold one of
the properties and now owns 576 apartments in two communities. In November 2012, BREW reported a company
formed by Caldwell paying $6.001 million ($24,198 per unit) to purchase the 248-unit Bella Sol apartments at 4032 W.
Osborn Road in Phoenix. Caldwell still owns that project, which is now called Casa Sol. Sentinel, a pension fund
advisor, has bought and sold numerous apartments in the Valley. Since 2005, Sentinel has sold 3,718 apartment units
in 12 Valley properties for a combined $282.991 million. Over roughly that same period, Sentinel spent $107.46 million
($114,319 per unit blended average) to purchase 940 apartments in 3 Phoenix area properties. Sentinel is looking
for additional multi-family investment opportunities in the Valley. Learn more from Caldwell at (403) 8008445. Noel Belli of Sentinel is at (212) 408-2900. Reach the CBRE agents at (602) 735-5555.
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