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| November 13, 2009
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| CANADIAN INVESTOR SPENDS $53.2 MILLION FOR 484 APARTMENT UNITS IN TWO VALLEY PROJECTS
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| Scottsdale/Chandler – Companies formed by Sunstone Realty Advisors in Vancouver, British Columbia, Canada (Steve Evans, Darren Latoski, principals) paid a combined $53.2 million to purchase 484 apartments in two Valley projects. The seller in two transactions was a pension fund operated by TIAA-CREF in New York City, N.Y. (Teachers Insurance And Annuity Association of America). Sunstone Paragon LP paid $34.2 million ($123,913 per unit) to buy The Paragon at Kierland, 276 units located at 15440 N. 71st Street in Scottsdale. Sunstone San Brisas LP paid $19 million ($91,346 per unit) to acquire San Brisas, 208 units at 900 N. Rural Road in Chandler. The buyer was represented by Jerry Tenge and Sean Rosenzweig of Colliers International in Phoenix. Mark Taylor Development in Scottsdale built The Paragon at Kierland in 2000. And Mark Taylor built San Brisas in 1997. Sunstone Realty Advisors acquired The Paragon at Kierland with a $13.377 million downpayment and a $20.823 million loan from Holliday Fenoglio Fowler L.P. in Houston, Tex. Sunstone Realty Advisors acquired San Brisas with a $4.475 million downpayment and a $14.525 million loan from Holliday Fenoglio Fowler. Both loans were sold to the Federal Home Loan Mortgage Corp. (Freddie Mac). The investment is the first in the Valley for Sunstone Realty Advisors. Sources say the Vancouver-based company is looking for additional apartment communities in the Phoenix area. Representatives of Sunstone Realty Advisors could not be reached for comment. Look for the company to convert the properties and resell the units as condominiums once the housing market rebounds. Since 2002, various funds operated by Sunstone Realty Advisors have acquired 53 apartment projects in Canada totaling $466+ million. And the company’s U.S. fund has purchased three properties in Dallas, Tex. and the two communities in the Phoenix area, totaling a combined $98.95 million. In July 2006, BREW reported TIAA-CREF buying The Paragon at Kierland and San Brisas as part of a portfolio of seven Valley apartment properties totaling 2,176 units. The pension fund paid $408.423 million ($187,694 per unit) for the portfolio. TIAA-CREF has now sold four of the projects and the pension fund still owns three of the communities. Sources say the remaining projects are likely to be sold. Last week, BREW reported TIAA-CREF selling the 488-unit San Melia apartments at 14435 S. 48th Street in Phoenix. The buyer in that $47.8 million deal ($97,951 per unit) was Investment Property Associates in Grand Haven, Mich. In January, BREW reported TIAA-CREF selling the 240-unit San Montego apartments located at 6745 E. Superstition Springs Boulevard in Mesa. The buyers in that $20 million deal ($83,333 per unit) were Judy Bassham and Howard Bassham of Rancho Santa Fe, Calif. Here is a description of the three properties TIAA-CREF still owns in the Valley: Tradition at Kierland, 364 units located at 6633 E. Greenway Parkway in Scottsdale; The Legends at Kierland, 360 units located at 6735 E. Greenway Parkway in Scottsdale, and San Palmas, 240 units at 1111 N. Mission Park Boulevard in Chandler. Call Evans and Latoski at (604) 681-5959. Duane Hale of TIAA-CREF is at (949) 809-2617. Tenge and Rosenzweig are at (602) 222-5000. |
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