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Wednesday, October 3, 2012

Broadstone Ahwatukee Fairways Purchased by Colrich



Vizzda – October 3, 2012 – The Broadstone Ahwatukee Fairways, a 310 unit apartment complex at 13220 S 48TH St, was sold by a joint venture of Alliance Residential and AEW Capital Management for  $27.2M or $87,741 per door to Colrich of San Diego with the deal recording October 2, 2012. Colrich took on a new $21.8M Freddie Mac loan maturing October 1, 2022 and originated through CBRE Capital Markets.

The Fairways is a 2-story apartment complex in 26 buildings, totaling 302,660 SF, built in 1987 on 11.31 AC. Per the broker flyer here 125 units have been refurbished and have new appliances. The apartment complex was reported to be 92% occupied at time of sale.  The apartments are individually metered for water and electricity. Colrich has brought in Riverstone Residential Group to manage the community. The unit mix is:
# of units
# Beds
# Baths
SF
RENT
1
0
1
550
$735
65
1
1
726
$819
186
2
2
1040
$946
58
2
2
1060
$999

The joint venture between Alliance Residential and AEW Capital Management acquired the property December 28, 2006 from DRA Advisors (New York) as one of fifteen multifamily properties acquired at the end of 2006 in 3 states.  The “Fairway Crossings Apartments” were purchased for $31.4M or $101,290 per door with $8.0M down and $19,473,900 total debt including the assumption of a $12,816,000 Freddie Mac Loan originated October 26, 2004 with HSBC Bank – for prior owners DRA Advisors – and a new $6,657,900 Freddie Mac loan also originating through HSBC Bank, both loans mature November 1, 2012.

Danny Gabriel of Colrich and Alison Husid of AEW Capital Management closed the deal.

The Alliance Residential / AEW Capital Management joint venture has been selling off their multifamily holdings. Read about the sale of Broadstone on Twelfth here and Broadstone Desert Horizon here.

Edward Moore
Director of Research
Vizzda





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