Phoenix – CH Ahwatukee Fairways Communities LLC, a company formed by ColRich in San Diego, Calif. (Danny Gabriel, principal), paid $27.2 million ($87,742 per unit) to buy the 310-unit Broadstone Ahwatukee Fairways apartments at 13220 S. 48th Street in the Ahwatukee area of Phoenix. The seller was Broadstone Fairway Crossings LLC, a venture formed by AEW Capital Management in Boston, Mass., and Alliance Residential Co. in Phoenix (Bruce Ward, Bob Hutt, Jay Hiemenz, et al., principals).
The sale was brokered through Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix. The buyer acquired Broadstone Ahwatukee Fairways with a $21.8 million Fannie Mae loan issued by CBRE Capital Markets Inc. In December 2006, the AEW/Alliance venture paid $31.4 million ($101,290 per unit) to purchase Broadstone Ahwatukee Fairways. The complex was built in 1986. ColRich has been steadily building a portfolio of apartments in the Valley.The privately-held company is looking for more multi-family investments in the Phoenix area.
In the past year, ColRich has been buying some larger multi-family properties in the Valley and the company has been selling some smaller apartment projects. The AEW/Alliance venture has been selling its multi-family assets in the Phoenix area. In August, BREW reported the AEW/Alliance partnership selling Broadstone on 12th, a 150-unit apartment complex located at 1212 E. Bethany Home Road in Phoenix. The buyer in that $9.05 million transaction ($60,333 per unit) was Gelt Bethany Holdings LLC, a company formed by Gelt Inc. in Tarazana, Calif. Broadstone on 12th is the second multi-family project that was sold in August by the AEW/Alliance venture. As reported, a company formed by Waterton & Associates in Chicago, Ill. paid $48.25 million ($93,930 per unit) to acquire the 514-unit Broadstone Desert Horizon apartments at 16636 N. 58th Street in Scottsdale. Alliance Residential, which had been managing Broadstone Desert Horizon and Broadstone on 12th, uses the Broadstone name in many of its apartment assets.
Learn more from Gabriel at (858) 490-2303. Bill Peterson is the contact at AEW . . . (213) 312-2600. The principals at Alliance are at (602) 778-2800. Call the CBRE agents at (602) 735-5555.
