Chandler – SP Lakeside LLC in Seattle (David Dufenhorst, principal) paid $16.4 million ($79,227 per unit) to purchase 207 units of the 230-unit Lakeside Village apartments at 855 N. Dobson Road in Chandler. The seller of the broken condominium units was Rose Lakeside Corp. in Toronto, Ontario, Canada (Matthew Fishman, principal). SP Lakeside LLC acquired Lakeside Village with a $4.7 million down payment and by assuming a loan of $12.4 million.
In March 2006, BREW reported a company formed by a group of investors, including Robert Phillips of Green Development in Vancouver, B.C., Canada, paying $21.32 million ($92,696 per unit) to buy Lakeside Village. The seller was a company formed by Lozier Investments of Omaha, Neb. (Allan Lozier, principal). The previous owner of Lakeside Village intended to convert the apartment project to condominiums and sell the individual units as condos. Those plans were aborted after the housing market collapsed. Before Fishman’s group gave up, his company sold 23 of the condominiums. So now, the new owner, SP Lakeside LLC will operate the property as a 207-unit rental community.
The investment is the first in the Valley for Dufenhurst. According to its website, Dufenhurst operates as Security Properties Inc. The privately-held company has acquired or developed 65,000 residential units exceeding $3.2 billion in value and accounting for 453 assets. The company has sold 49,000 assets valued at $2.2 billion. Security Properties Inc. focuses on the following states: Arizona, Calif., Washington, Oregon and Utah. Find out more from Dufenhorst at (206) 622-9900.
