Phoenix Community Commands $30.5M
- Oct 04, 2011
Phoenix—The Ironhorse at Tramonto, a 324-unit community located at 34807 North 32nd Drive in Phoenix, has sold for $30.5 million, a price that represents $94,136 per unit. Colliers International’s Phoenix office represented the Kansas-based buyer, VT Inc. Apartment Realty Advisors in Phoenix represented the seller, Massachusetts-based Ironhorse Phoenix Holdings LLC.
“VT, Inc. was selected as the buyer for Ironhorse due to their strong financial ability,” says Brad Cooke of Colliers. “This was VT, Inc’s first multifamily acquisition in metro Phoenix.”
Cook adds that the distressed, bank-owned Class A asset was sold at a price well below replacement cost. Ironhorse was 94 percent occupied at the time of close.
“The Ironhorse at Tramonto was an exciting offering,” says Brad Golf, principal with Apartment Realty Advisors. “At our bid deadline we had more than 10 qualified offers from local and national investment groups.”
The community was built in 2004 and contains a mix of one-, two- and three-bedroom units ranging in size from 715 square feet to 1,322 square feet. Community amenities include fitness and business centers, a swimming pool and spa, clubhouse, and covered parking.
Archstone Acquires D.C. Development Site
Washington, D.C.—Archstone has acquired a 0.46-acre development site in the NoMa Business Improvement District in Washington, D.C. The company plans to construct a 206-unit rental community on the land parcel, which is located at 100 K Street NE.
“The Washington, D.C., metropolitan area is our largest market, and we’re excited about this opportunity to develop another apartment community in the District’s fastest growing neighborhood—NoMa.,” says Neil Brown, chief development officer at Archstone.
Brown added that Archstone plans to begin the construction of projects totaling $575 million in the D.C. area over the next two years. The project at 100 K Street will become Archstone’s 53rd community in the Washington, D.C., metro area.
Jones Lang LaSalle brokers Nashville apartment sale to private equity fund
Franklin, Tenn.—Jones Lang LaSalle announced the firm’s Capital Markets experts have closed the sale the multifamily property known as Wyndchase Aspen Grove for Trade Street Capital. A real estate private equity fund advised by Crow Holdings Capital Partners LLC purchased the 560-unit, luxury garden-style apartment community, located in the Nashville submarket of Franklin, Tenn.
Leading the Jones Lang LaSalle team on this transaction was senior vice president Vince Lefler, and managing directors Derrick Bloom, David Gutting and Denny St. Romain.
“Wyndchase Aspen Grove proved a compelling draw for investors as it offered a unique opportunity to acquire a high-quality asset in a prestigious community,” says Lefler. “Crow Holdings is eager to capitalize on the property’s close proximity to metro Nashville, as well as its newly renovated facilities. All of which makes it poised to capture high rental rates as the economy recovers.”
The property was built in 1998 and has recently undergone significant renovations, as well as an expansion of its fitness center. It offers one-, two- and three-bedroom units. Wyndchase Aspen Grove is in Franklin/Cool Springs, one of the most desired suburban locations in the Nashville area. It is located off of Interstate 65, with unparalleled access to Nashville’s largest employment centers, premium shopping, dining, and entertainment establishments.
The Jones Lang LaSalle Southeast Multifamily team has collectively closed nearly $775 million in transactions in the Nashville metropolitan region since 2005.