GREYSTAR BUYS 845 APARTMENTS IN $149 MILLION PORTFOLIO DEAL FOR THREE VALLEY PROJECTS

Photo Credit: Greystar

Gilbert/Chandler – In a portfolio purchase of three apartment assets in the southeast Valley, Greystar Real Estate Partners LLC in Charleston, S.C. (Bob Faith, CEO) paid a combined $149 million ($176,331 per unit blended average) to buy 845 apartments in Gilbert and Chandler. Acacia Capital Corp. in San Mateo, Calif. (Wes Clelland, III, principal) was the seller in three separate transactions. The apartment projects, developed between 1986 and 1990, were acquired by Acacia in 2011 and 2012 for a combined $64.6 million ($76,450 per unit blended average). Greystar, which purchased the portfolio with a value-add investment fund, plans to complete extensive renovations to the newly-acquired units and changed the name of the communities to include “Avana” as part of its brand. In the largest of the portfolio acquisitions, GS Baseline LLC (Greystar company) paid $59 million ($173,021 per unit) to buy the 341-unit Vista Montana apartments at 3225 E. Baseline Road in Gilbert. PHX Baseline 2010 LLC (Acacia entity) was the seller. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix negotiated the sale. Public records show the buyer acquired the asset with a $38.599 million Freddie Mac loan issued through CBRE Capital Markets Inc. in Houston, Tex. In July 2012, BREW reported Acacia Capital paying $28 million ($82,111 per unit) to purchase Vista Montana. Located west of Val Vista Drive, the 15.5-acre property (now called Avana Gilbert) was developed in 1990. In another sale brokered by the CBRE agents, GS Chandler LLC (Greystar entity) paid $58 million ($183,544 per unit) to buy the 316-unit Chandler Court apartments at 3800 W. Chandler Boulevard in Chandler. PHX Chandler 2010 LLC (Acacia entity) was the seller. Records show the buyer acquired that asset with a $37.916 million Freddie Mac loan issued by CBRE Capital Markets. In June 2011, BREW reported Acacia Capital paying $24.4 million ($77,215 per unit) to acquire Chandler Court (now called Avana Chandler). Located east of McClintock Drive, the 17.688-acre complex was developed in 1987. In a third multi-family asset in the portfolio, GS Oakland LLC (Greystar entity) paid $32 million ($170,213 per unit) to purchase the 188-unit River Ranch apartments at 6152 W. Oakland Street in Chandler. PHX Oakland 2010 LLC (Acacia entity) was the seller. Jim Crews of Cushman & Wakefield in Phoenix brokered that sale. Greystar acquired the property with a $20.961 million Freddie Mac loan issued by CBRE Capital Markets. In June 2011, BREW reported Acacia Capital paying $12.2 million ($65,591 per unit) to buy the asset (now called Avana River Ranch). Located north of Chandler Boulevard and west of Kyrene Road, the 9.788-acre project was developed in 1986. Greystar now owns 1,815 apartments and manages 25,405 multi-family units in the Valley. The privately-held Greystar is the world’s largest apartment manager with a portfolio comprised of 490,000 units valued at $80 + billion. After the sale to Greystar, Acacia Capital owns 1,528 multi-family units in 6 Phoenix-area communities. Learn more from Jerry Brand of Greystar at (858) 876-6289. Todd Darling of Acacia Capital is at (650) 372-6472. Reach the CBRE agents at (602) 735-5555. Talk to Crews at (602) 229-5992.