HSL Properties snatches up Central Ave apartments in $53 million deal ($128,019 per unit)

Business Real Estate Weekly by Rose Law Group

Phoenix – HSL Properties Inc. in Tucson (Humberto Lopez, principal) has added to its vast multi-family holdings in Arizona with the $53 million ($128,019 per unit) purchase of Central Ave Apartments in Phoenix, The Station on Central, a 414-unit complex at 4140 N. Central Avenue. The seller was North Central Avenue Apartments LLC, formed by Baron Properties in Greenwood Village, Colo. (J. Jeffrey Riggs, Scott Fisher, T.J. Tarbell, principals). The transaction was negotiated through Brad Goff and Dave Lord of Apartment Realty Advisors in Phoenix. Maricopa County records show HSL Station on Central LLC (HSL entity) acquired the project with a $39.24 million loan from Compass Bank. After buying the Central Avenue apartments just over three years ago, the seller made a tidy $16.5 million profit from the sale. Continued

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June 25, 2014

family planning, Housing, Multi-Family, real estate

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