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San Diego based investor makes first valley buy…drops $48 Million for 582 apartments

Posted by   /  September 15, 2014  /  No Comments

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Sierra RanchBy Business Real Estate Weekly

Phoenix – Phoenix Uprising LLC, a company formed by investor Donald Dougher, II of San Diego, Calif., paid $48 million ($82,474 per unit) to acquire the 582-unit Sierra Ranch apartment complex located at 4722 E. Bell Road in Phoenix. The seller was FSC Saddleback Associates LLC, a company formed by FSC Realty Inc. in Beverly Hills, Calif. (Stanley Fimberg, Albert Baril, principals). Maricopa County records show the buyer acquired the project with a $26.5 million down payment and a $21.5 million loan from Voya Insurance and Annuity Co. Financing was arranged by Charlie Williams of Berkadia Commercial Mortgage LLC in Scottsdale. The investment is the first in the Valley for the San Diego-based investor. Based on limited information available on the internet, Dougher appears to be a low key, private investor.

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