PHOENIX-With stabilization now achieved, the San Diego-based Fairfield Residential LLC has sold the 324-unit Ironhorse at Tramonto for $40.5 million to joint venture partners, Greystar GP of Phoenix and GE Commercial Real Estate. The new owners, eyeing a long-term hold, will continue to maintain the luxury complex as a rental property.
Tyler Anderson, executive vice president with CB Richard Ellis' Phoenix office, says the 30-day marketing period attracted some condo converters to the complex at 34807 N. 32nd St. in the North Valley. With the Stamford, CT-based GE Commercial at its side, Greystar ultimately made the best offer. "They had a great financial partner in GE," says Anderson, adding marketing efforts attracted eight offers. Additional financing was arranged by Rocco Mandala of CBRE|Melody in Phoenix.
Anderson, who worked with CBRE executive vice president Sean Cunningham on behalf of the seller, tells GlobeSt.com that Fairfield, which completed the complex in 2005, had determined that the current market was favorable for sales. "That isn't uncommon for Fairfield," Anderson adds. "They're developers and builders. Once they're done, they sell. They always have something on the market."
Located within the 1,100-acre master-planned community of Tramonto near Interstate 17, the 94%-occupied Ironhorse at Tramonto has one-, two- and three-bedroom units. Units range from 715 sf to 1,322 sf. Rents per month are $801 to $1,366.
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