GOODYEAR, AZ-The just-completed Alexan Palm Valley has a new owner, with a San Diego trust forking over $41 million for the 302-unit, 20-building complex. The new owner got the nod for its ability to quickly close the deal for the class A asset.
Not only did the Bassham Family Trust offered a huge down payment from 1031 exchange proceeds for 2100 N. 145th Ave. property, but it released $1 million within two weeks as earnest money, Bob Bruno with Hendricks & Partners' Phoenix office tells GlobeSt.com. "They loved the location and loved the floor plan like the others who looked at this. But since they were private, they could move faster than public REITs and investors," Bruno says. He teamed with Hendricks & Partners colleague Mark Forrester to broker the deal for buyer and seller, Atlanta-based Trammell Crow Residential.
Jim Pierson and Keaton Merrell with Johnson Capital's Phoenix office arranged $12 million in acquisition financing. The lender was Babson Capital Management LLC, an affiliate of Massachusetts Mutual Life Insurance Co., headquartered in Springfield, MA.
The new owner has to change the name because it's Alexan branded. The new name has yet to be decided. "They have three months to keep the Alexan name," Bruno explains. "They'll probably keep the 'Palm Valley' in it."
The unit mix for the 60%-occupied building consists of one-, two- and three-bedroom units, with rents ranging from $739 to $1,370 per month. Bassham, which owns other properties in the metro and Washington state, will lease and manage the property.
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