Tempe – After sitting on the sidelines for more than five years, Fairfield Residential Inc. in San Diego, Calif. (Chris Hashioka, pres.) has made its second multi-family investment in the Valley in the past month. Records show Fairfield Cityscape LLC paid $22.65 million ($105,841 per unit) to buy the 214-unit CityScape at Lakeshore apartments at 4630 S. Lakeshore Drive in Tempe. The seller was FRI Cityscape at Lakeshore LLC, a company formed by Charles Duff of Farnham Realty Inc. in Phoenix. The deal was brokered by John Kobierowski, Eddie Chang, Rue Bax, Alon Shnitzer and Doug Lazovick of ORION Investment Real Estate in Scottsdale.
In January 2002, BREW reported Farnham Realty paying $17.75 million ($82,944 per unit) to purchase CityScape at Lakeshore. The complex was built in 1995. Fairfield Residential acquired the Tempe apartment project by assuming a $10.628 million Fannie Mae loan issued by Amerisphere Multifamily Finance LLC and by borrowing an additional $4.3 million from Fannie Mae. The financing was arranged by James DuMars and Kurt Boettcher of NorthMarq Capital in Phoenix.
The investment is the second in the Phoenix area for Fairfield Residential in the past four weeks. In September, BREW reported another company formed by Fairfield Residential paying $39.5 million ($96,814 per unit) to acquire the 408-unit Tempe Grove apartments at 909 W. Grove Parkway in Tempe. George Lloyd of Fairfield Residential says the company is looking for additional apartment investment opportunities in the Phoenix area . . . preference is for value added-deals with product built in 1980 and newer and communities of at least 200 units. While Fairfield Residential did not buy any apartment properties in Arizona for a five-year stretch, the privately-held firm did sell several multi-family projects in Arizona over the past few years. Like most real estate investors and developers, Fairfield Residential had its share of troubled assets and needed to work through those properties before the company could get back to buying and developing new apartment communities.
Find out more from Lloyd at (858) 824-6410. Talk to Duff at (480) 390-0863. Reach the ORION agents at (480) 634-6934.
