Phoenix – A company formed by Arthur Hil
l & Co. LLC in Evanston, Ill. (Arthur Hill, founder) paid $18 million ($101,124 per unit) to buy 178 units of the 360-unit Citi on Camelback multi-family development at 909 E. Camelback Road in Phoenix. The seller was Orion Camelback LLC, a joint venture formed by Orion Residential Advisors in Deerfield, Ill., (Daniel Gumbiner, pres.) and Scott Robson of Scott Communities in Tempe. Maricopa County records show the buyer was AHC Metro Citi LLC, a subsidiary of AHC Management LLC (an Arthur Hill & Co. entity). The seller was Orion Camelback LLC. The deal was brokered by Brad Goff and Dave Lord of Apartment Realty Advisors in Phoenix. The buyer acquired the units with a $12.125 million loan from Equitrust Life Insurance Trust in West Des Moines, Iowa. Arthur Hill & Co. sponsors and manages the AHC Metro Realty Funds. Those private real estate investment funds are invested in quality income-producing office, retail and residential properties located in selected markets around the U.S. The investment is the second in the Valley for the privately-held Arthur Hill & Co. (AHC).
In April 2010, AHC Fund III closed on a preferred equity investment in the remaining 125 units of a Class A Scottsdale condominium project called Optima Camelview Village. That 11-building complex, which is nearing completion, is comprised of 677 total units on a 13-acre site located along the west side of Scottsdale road and immediately north of Scottsdale Fashion Square Mall. Company representatives say AHC is looking for additional income-producing investment opportunities in the Valley. Arthur Hill & Co. will rent the Citi on Camelback units until the housing market rebounds. Orion will continue to manage the project. In June 2009, BREW reported the Orion/Robson venture paying $12.46 million ($70,000 per unit) to buy the 178 Citi on Camelback units. The Orion/Robson venture has also been renting the apartments. Tom Zabor is the contact at AHC . . . call him at (847) 570-4800. Talk to Gumbiner at (847) 572-1020. Goff and Lord are at (602) 252-4232.
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