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.

Glendale, Arizona – A privately held company formed by RK Properties of Long Beach, Calif. (William Rance King, Jr., manager) paid $21.2 million ($50,476 per unit) to acquire the 420-unit Northern Greens apartments located at 8150 N. 61st Avenue in Glendale. The complex was built in 1988.

The seller was GA Northern Greens LLC, a company formed by Principal;Real Estate Investors LLC in Des Moines, Ia. The Principal Real Estate Investors entity took title to Northern Greens through a deed-in-lieu of foreclosure from the previous owner.

RK Northern Greens Apartments LLC acquired the property with a $11.75 million loan from BB&T Real Estate Funding LLC of Chicago, Ill. I

RK Properties is reported to own 1,770 apartments in the Phoenix area and has multi-family properties in California, Colorado, Utah, Nevada and Florida. RK Properties is interested in buying additional apartment projects in the Valley.

The deal was brokered by Bill Hahn, Jeff Sherman, and Trevor Koskovich of Colliers International in Phoenix.

Find out more, King can be contacted at (800) 677-7333. The Colliers agents can be reached at (602) 222-5000.

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NBA player, formerly with the Phoenix Suns and more recently the Brooklyn Nets, Josh Childress, purchased through a private investment firm Franklin Street Partners of North Carolina, the Casa Grande Village Apartments at 5950 S Park Avenue in Tucson.

The 52-unit complex was 90% occupied at time of sale; 79% were two-bedroom and 21% one-bedroom units. The property was reportedly well maintained and sold for[mepr-show rules=”58038″]$1.48 million ($28,500 per unit) or $42 PSF for the 35,456 sq. ft. complex (built 1986) in five two-story buildings on 2 acres. Located in the southern part of Tucson at Park Ave and Mossman, the property is near I-19, the Tucson Airport, Hughes Aircraft Co., and Desert Diamond Casino.

Property amenities include two onsite laundry rooms, a playground, patios and balconies, ceramic tile floors, individual heating and air conditioning, and dishwashers in select units.

Franklin Street Partners, an asset manager since 1990, provides independent, strategic and highly personal advice to clients with high standards of professionalism, fiduciary responsibility and discretion. Investment clients run the range of endowments, foundations and other sophisticated institutional investors, as well as families and individuals with significant portfolios who require a more comprehensive solution.

Cohen Financial of Phoenix financed the sale.

North Star Management and Consulting in Tucson has been retained by the new owner for leasing and property management.

The multifamily team of Bill Hahn, Jeff Sherman, and Trevor Koskovich of Colliers International in Phoenix handled the transaction for seller, Westmoreland Apartments, LLC of Tucson and investor.

Franklin Street Partners can be reached at (919)489-2600. Cohen Financial is at (602) 381-3700. North Star Management should be contacted at (520) 885-8590. Hahn, Sherman and Koskovich at Colliers should be contacted at (602) 222-5000.[/mepr-show]

[ismember]Market time was 90 days and a 30-day close. Buyer paid $454,000 (30%) down and financed the balance with Cohen Financial. GPI ($334,440) with 1-bedroom units renting at $465/ month and 2-bedrooms renting at $555/month (average rent $536) and was 10% vacant at time of sale ($33,444) with operating expenses annualized at $132,400 and $300 per unit reserves ($15,600), the property sold with an NOI of $148,000 or approximately a 10% cap rate based on income at time of sale.[/ismember]