Sonoma Grand and Copper Glen Apartments Sell for Aggregate $20.3 Million

Phoenix, AZ – Copper Glen Apartments located 3333 W. Dunlap Ave. in Phoenix sold to 3333 Dunlap Associates LLC, an affiliate of Bear Holdings Group LLC (Gary Saterbak, principal) for $8,064,000 ($28,000 per unit) for the 288-unit complex. The complex was built in 1973, and the property will undergo a complete renovation by the new owner.

The seller was Copper Glen Partners LP, a limited partnership in Vancouver, BC, Canada (Eyhan Caldwell, principal).

The deal was brokered through Bill Hahn, Jeff Sherman and Trevor Koskovich (HSK) of Colliers International in Phoenix. The buyer acquired the property with a $10.8 million loan issued by Ladder Capital Finance LLC of New York. The financing was arranged by Sarah Gochberg, Executive Director of Ladder Capital.

In a separate transaction, Sonoma Grand Apartments located at 4715 N. Black Canyon Highway in Phoenix sold to Solano Terrace LLC of Phoenix (Zev Hendeles, principal) for $12.25 million ($42,535 per unit) for the 288-unit complex. The complex was built in 1985.

The seller was Ridge Apartments LLLP, a limited partnership formed by Mentor Properties Inc. in Scottsdale (Cal and Frank DeSouza, principals).

The deal was brokered through Bill Hahn, Jeff Sherman and Trevor Koskovich (HSK) of Colliers International in Phoenix. The buyer acquired the property with a $9.8 million Freddie Mac loan issued by Walker & Dunlap LLC. The financing was arranged by Adam Finkel of Tower Capital LLC in Phoenix.

The new owner has changed the name of the multi-family project to Solano Terrace.

In September 2013, the Mentor Properties company paying $7.631 million ($26,497 per unit) to acquire Solano Terrace (at the time called Canyon Place Apartments). After buying the apartments, Mentor Properties renamed the community as Sonoma Grand.

To learn more Hahn can be reached at 602.222.5105, Sherman is at 602.222.5109 and Koskovich can be reached at 602.222.5145.