Chandler – A company formed 
by Baron Properties in Greenwood Village, Colo. (J. Jeffrey Riggs, Scott Fisher, T.J. Tarbell, principals) paid $29.65 million ($109,007 per unit) to acquire the 272-unit San Ventura apartments located at 3600 W. Ray Road in Chandler. The seller was San Ventura Communities II LLC, a venture formed by ColRich in San Diego (Danny Gabriel, pres.) and by Del Rey Property Group in Del Rey, Calif. (Jim Leguizamon, principal). The sale was brokered through Tyler Anderson, Sean Cunningham and Asher Gunther of CBRE in Phoenix. The buyer acquired the apartments by assuming a $17.18 million loan owed to Citibank National Association, as trustee for the benefit of the certificate holders of Wells Fargo Commercial Mortgage Securities Inc. Multifamily Mortgage Pass-Through Certificates Series 2011-K703. With the purchase of San Ventura, Baron Properties now owns 1,698 units in seven multi-family projects in the Valley. The Colo.-based investor is interested in purchasing additional apartment communities in the Phoenix area.
Chris Clonts, Project Manager at Rose Law Group, wonders how their vacancy rates will be affected when the hundreds of units under construction in Chandler come on-line? In December 2011, BREW reported another company formed by Baron Properties paying $11.25 million ($100,446 per unit) to acquire the 112-unit Santa Rosa apartments at 3425 E. Chandler Boulevard in Phoenix. In May 2007, BREW reported the ColRich/Del Rey venture paying $40.7 million ($149,632 per unit) to buy San Ventura. Find out more from the Baron Properties principals at (303) 290-9007. Talk to Gabriel at (858) 490-2303. Reach Leguizamon by calling (310) 367-3757. Contact the CBRE agents at (602) 735-5555.
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