Tempe – In two deals totaling a combined $67.3 million ($142,585 per unit blended average), joint venture entities formed by Investcorp International Inc. in New York City, N.Y. and TruAmerica Multifamily in Los Angeles, Calif. (Robert Hart, pres.) acquired 472 apartment units in two properties located less than one mile apart in Tempe.
The sellers in both deals were companies formed by…Everest Holdings in Scottsdale (Joe Blackbourn, principal). Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix brokered the transactions.
In the larger of the two sales, Highland Park LL LLC (Investcorp/TruAmerica entity) paid $39.98 million ($144,855 per unit) to buy the 276-unit Highland Park apartments at 5038 S. Hardy Drive. AB/Everest Highland Park Owner LLC…was the seller. Maricopa County records show the buyer acquired the property with a $27.055 million Freddie Mac loan issued through CBRE Capital Markets Inc. in Houston, Tex.
In the other sale, Park View LL LLC (Investcorp/TruAmerica entity) paid $27.32 million ($139,388 per unit) to purchase the 196-unit Park View apartments located at 1235 W. Baseline Road. The seller was AB/Everest Park View Owner LLC… Public records show the buyer acquired that asset with a $18.972 million Freddie Mac loan issued through CBRE Capital Markets Inc.
In June 2016, the AB/Everest entities paid a combined $42.95 million ($90,996 per unit blended average) to acquire the 472 units in two sales. The partnership paid $26.11 million ($94,565 per unit) to purchase Highland Park (then called Somerset Village apartments). That 13.33-acre community, developed in 1981, is located at the northwest corner of Baseline and Hardy roads.
The AB/Everest company paid $16.85 million ($85,969 per unit) to buy Park View (formerly called El Dorado Village apartments). That 9.097-acre property, developed in 1983, is located along the south side of Baseline Road just a few blocks east of Highland Park apartments.
BREW has previously reported Investcorp and TruAmerica buying multi-family properties in the Valley with multiple partners. Investcorp is owned by the Bahrain-based Investcorp Bank B.S.C., which is publicly-traded on the Bahrain Bourse (INVCORP). The company has $22.2 billion in total assets under management. Over the past four years, TruAmerica Multifamily has participated in $393.65 million ($145,634 per unit blended average) of investments involving 2,703 apartments in the Phoenix area. TruAmerica, which owns 24,216 units in 75 properties in nine states, currently manages 37,240 apartments in the U.S. valued at $7.9 billion. TruAmerica was formed in 2013 as a joint venture between Hart and The Guardian Life Insurance Co. of America in New York City, N.Y. Get more from Noah Hochman of TruAmerica by calling (424) 325-2750. Herbert Myers of Investcorp is at (212) 599-4700. Reach Blackbourn at (480) 860-6500. …Call the CBRE agents at (602) 735-5555.