Phoenix – A company formed by AION Partners in New York City, N.Y. (Siraj Dadabhoy, Michael Betancourt, managing directors) paid $11.5 million ($85,821 per unit) to acquire the 134-unit Montana apartments at 7611 S. 36th Street in Phoenix. The seller was HSL Montana Apartments LLC, a company formed by HSL Properties Inc. in Tucson (Humberto Lopez, principal). Records show AION BG Montana Holdings LLC (the AION entity) acquired the multi-family community with a $8.5 million Freddie Mac loan issued by CBRE Capital Markets Inc. The investment is the first in the Valley for the privately-held AION Partners.
Over the past 10 years, through a series of stand alone partnerships formed by investors, the AION team has purchased and operated a 1.3 million square-foot office portfolio, over 2,000 residential units and a dozen retail properties. The assets are located primarily in the New York -Washington D.C. Corridor as well as the southeast and southwest regions of the U.S. AION’s executive team has extensive experience in property acquisition and management, capital raising, debt restructuring and foreclosure. AION Partners acts as principal and arranges opportunistic real estate acquisitions in the U.S. The company has a track record of creating value and managing risk through redeveloping, repositioning and managing assets.
Over the years, BREW has reported HSL Properties buying numerous apartment projects in the Tucson and Phoenix areas. Additionally, HSL has developed several multi-family properties in the Tucson market. Companies formed by HSL Properties now own more than 10,000 apartment units in 40 projects located in the Phoenix and Tucson areas. HSL also has been a buyer of office and hotel properties. HSL paid $7.6 million ($56,716 per unit) to purchase Montana in August 2009 when the company paid $40.5 million to acquire three Valley apartment properties totaling 592 units. HSL Properties is looking to acquire more apartments in both the Phoenix and Tucson areas.
Find out more from Dadabhoy and Betancourt at (212) 849-9200. Omar Mireles is the contact at HSL . . . call him at (520) 322-6994.
