$5M Deals – Canadian Company pays $91.2M for north valley apartments

$91.2M ($143,849/unit) sale of the 634 unit Trillium Deer Valley and Trillium North apartments (one site operated separately) located on the NEC of 7th Street and the Loop 101 Freeway (20425 N. 7th St.) in Phoenix by 7th and 101 Apartments Phase I LLC and 7th and 101 Apartments Phase II LLC, entities formed by locally based Trillium Residential. The buyer was privately held Canadian company Starlight Investments Ltd. out of Toronto, Canada. Starlight has over $4B of assets under management, a portfolio of 29,500 multi-family units in over 350 properties across Canada and the U.S. It also has a commercial portfolio of over 2M square feet in Canada.

The 26.6 acre combined property that sits directly across 7th St. from the 240 acre Waste Management owned landfill you’ve probably seen from the 101 was purchased with a $28.95M down payment on a $62.25M loan. With a buy that big and few if any other properties in the valley, I’d imagine they’re looking to make at least a few more acquisitions and may have a couple in the works.

Trillium owns roughly 10 acres at the NWC of 7th Avenue and the Loop 101 Freeway, across from the La Crescenta condominiums, that they have shuffled ownership entities on recently, so it may be one we see come through soon as either a new project or sale.

View affidavits here and here.

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