Scottsdale apartment community sold for $31M

Scottsdale apt

By Business RScottsdale apteal Estate Weekly

A joint venture formed by ColRich in San Diego, Calif. (Danny Gabriel, principal) and Harbert Management Corp. in Birmingham, Ala. (Raymond Harbert, principal) paid $31 million ($93,373 per unit) to buy The Cortesian, a 332-unit apartment community located at 7749 E. Camelback Road in Scottsdale.

The seller was Camelback Cortesian LLC, a company formed by El Dorado Holdings Inc. in Phoenix (Mike Ingram, chairman). The deal was negotiated by Mark Forrester andRic Holway of Berkadia in Phoenix.

Maricopa County records show CH Cortesian Communities LLC (ColRich/Harbert venture) acquired the apartment property with a $7.79 + million down payment, by assuming a $12.657 million Freddie Mac loan owed to the registered holders of Deutsche Mortgage & Asset Receiving Corp. Multifamily Mortgage Pass-Through Certificates Series 2011-K11 and with $10.55 million in supplemental financing issued through Centerline Mortgage Partners Inc.

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