Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

PHOENIX-A Mesa, AZ buyer willing to assume a Fannie Mae, fixed-rate loan has edged out nine bidders to acquire the 351-unit Bellridge Apartments for $14.5 million. Another aspect in buyer APT Investment Properties LLC’s favor was its willingness to pay $500,000 above the $14-million ask.

The new owner also had no qualms about putting 50% down for the acquisition of 844 E. Bell Rd., according to Alon Shnitzer, an investment associate with Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix. “What he’s planning on doing is improving the property,” he adds.

The North Phoenix asset, which was 90% leased at sale time, is positioned in a high-growth area, where condo conversions are taking available units from the market. “We had a 30-day marketing period with 10 offers,” Shnitzer says. He tells GlobeSt.com that the buyer assumed a $7.8-million loan with a 10-year term that matures in August 2013 and a 5.01% fixed rate.

Seller Bellridge Associates Ltd. of San Francisco had owned the complex two decades. “When you own a property for that long, it provides added value that a buyer can put into it for a strong upside,” says Shnitzer, who partnered with Marcus & Millichap vice president Peter Katz to work the sale.

Shnitzer says the seller was a syndicate formed during the 1980s that decided to sell its last property in Arizona to focus resources on California properties. The syndicate sold Toscana Cove Apartments, formerly known as Glenbrook Apartments, in Tucson in mid-2005.

The 1983-constructed Bellridge Apartments has one- and two-bedroom units measuring 460 sf to 760 sf. The units rent for $475 to $625 per month.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.