April 16, 2024 3:17 pm
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Security Properties venture pays $30 million to buy 388-unit apartment complex in Mesa

Sonora Canyon

Business Real Estate Weekly by Rose Law Group

Sonora CanyonMesa – Sonora Canyon Venture LLC, a company formed by Security Properties Inc. in Seattle, Wash. (John Orehek, CEO), paid $30 million ($77,320 per unit) to buy the 388-unit Sonora Canyon apartments located at 265 N. Gilbert Road in Mesa. The seller was LSREF2 Oreo (Direct) LLC, a company formed by Lone Star Funds in Dallas, Tex. (John Grayken, chairman). The deal was brokered through Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Maricopa County records show the buyer acquired the Mesa property with a $24.999 million loan issued by Prudential Mortgage Capital Co. LLC in Arlington, Va. Security Properties purchased Sonora Canyon in a venture with Aetna Health and Life Insurance Co. in Hartford, Ct. In July 2013, BREW reported the Lone Star Funds entity paying $30 million ($77,320 per unit) to buy Sonora Canyon. The complex was built in 1985. Continued

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