The buyer of record, 2122 Butler, LLC, was up against nine others for the 96%-leased Cedar Ridge Apartments at 2122 W. Butler Dr., Bert Kempfert, a first vice president with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com. "This complex is a good core asset that is well-constructed in a nice, safe neighborhood," he says.
Kempfert says the seller, Cedar Ridge Partners LLC of St. Louis Park, MN, paid off a $4.5-million loan with a 7.85% interest rate and 2010 expiration that was held by Minneapolis-based NorthMarq Capital Inc. He says Cedar Ridge's new owner secured a $5.1-million loan with a 5.21% interest rate from the Nomura Securities International Inc., the US financing arm for Tokyo-based Nomura Holdings Inc. Susan Waring in L.J. Melody & Co.'s local office arranged the financing.
Cedar Ridge Apartments, an infill property in the northwest sector, abuts the El Caro Golf Course. Developed by Evans Withycombe Inc. in 1982, the individually metered units break down to 32 studios, 42 one-bedroom and 56 two-bedroom apartments. Units range from 370 sf to 881 sf. Monthly rents go from $399 to $660.
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