The first requisite of a good citizen in this republic of ours
is that he shall be able and willing to pull his own weight.
Phoenix – Phoenix Uprising LLC, a company formed by investor Donald Dougher, II of San Diego, Calif., paid $48 million ($82,474 per unit) to acquire the 582-unit Sierra Ranch apartment complex located at 4722 E. Bell Road in Phoenix. The seller was FSC Saddleback Associates LLC, a company formed by FSC Realty Inc. in Beverly Hills, Calif. (Stanley Fimberg, Albert Baril, principals). The seller was represented by Mark Forrester and Ric Holway of Berkadia in Phoenix. The buyer was represented by Maury Panza of DAUM Commercial Real Estate Services in Newport Beach, Calif. Maricopa County records show the buyer acquired the project with a $26.5 million down payment and a $21.5 million loan from Voya Insurance and Annuity Co. Financing was arranged by Charlie Williams of Berkadia Commercial Mortgage LLC in Scottsdale. The investment is the first in the Valley for the San Diego-based investor. Based on limited information available on the internet, Dougher appears to be a low key, private investor. In July 2006, BREW reported the FSC Realty company paying $43.225 million ($74,270 per unit) to acquire Sierra Ranch (at that time called Saddleback apartments). The complex was developed in 1984. Westwood Residential has been managing the property, but no word on the status of that assignment. From November 2004 until April 2013, FSC Realty invested $197.6 million in buying six Valley rental communities totaling 2,594 units. The privately-held FSC Realty still owns 1,502 apartments in four of those projects. With the sale of Sierra Ranch, FSC Realty has now sold two of three multi-family properties the company acquired in 2006 at the peak of the market. In April, BREW reported FSC Realty selling the 510-unit Quadrangles Village apartments located at 1255 E. University Drive in Tempe for $41.875 million ($82,108 per unit). On the same day FSC Realty purchased Sierra Ranch, the company paid $37.725 million ($49,508 per unit) to buy the 762-unit Olive Tree apartments located at 6201 W. Olive Avenue in Glendale. No word on FSC Realty’s plans for Olive Tree, which was also acquired at the height of the market in 2006. FSC Realty has now sold two apartment properties acquired in the Phoenix area just before the economy tanked, and the company has purchased two Valley multi-family communities in the past two years. FSC Realty is interested in additional apartment investments in the Phoenix area. In April 2013, BREW reported FSC Realty paying $21.6 million ($135,000 per unit) to buy the 160-unit MMorningside apartments at 10455 E. Via Linda in Scottsdale. In April 2012, BREW reported a tenant-in-common (TIC) group led by FSC Realty paying $38.5 million ($106,944 per unit) to purchase the 360-unit Alanza Place apartments at 1121 N. 44th Street in Phoenix. The Beverly Hills-based firm continues to hold Alanza Place, Morningside, Olive Tree and the 220-unit Rancho Ladera apartments at 9605 S. 48th Street in Phoenix. FSC Realty entered the Valley market in November 2004 when the company paid $12.8 million ($58,182 per unit) to acquire Rancho Ladera. FSC Realty also owns apartment properties in other markets across the U.S. as well as shopping centers and office projects.
A little about me and my expertise – video
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Investment Properties in Phoenix.
View my listings and my profile at:
Please go to my web-site and get all the newsflashes and updates in Commercial Investment Real Estate in Phoenix and Commercial Investment Properties in Phoenix daily
Check out my professional profile and connect with me on LinkedIn.
Follow me on Facebook:
Follow me on Twitter:
Follow Me on Google+
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail firstname.lastname@example.org or call me on my cell 520-975-5207 or Office:480-948-5554
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
7077 E. Marilyn Road, Bldg 4, Suite 130
Scottsdale, AZ 85254
Office : 480-948-5554
View my listings and my profile at:
a little about me and my expertise – video
Delivering the New Standard of Excellence in Commercial Real Estate
- Commercial Real Estate Scottsdale
- Commercial Real Estate Phoenix
- Commercial Real Estate Arizona
- Commercial Investment Properties Phoenix
- Commercial Investment Properties Scottsdale
- Commercial Investment Properties Arizona
- Land Specialist Arizona
- Arizona Land Specialist
- Land Specialist Phoenix
- Phoenix Land Specialist
- Land For Sale Phoenix
- Land for sale Arizona
- Commercial Properties For Sale Phoenix
- Commercial Real Estate Sales Phoenix
- Commercial Properties Phoenix
- Commercial Properties Arizona
- Commercial Land Specialist Phoenix
- Commercial Land Phoenix
- Multifamily land Phoenix
- Retail Land Phoenix
- Industrial Land Phoenix
- Land Commercial Phoenix
- Land Retail Phoenix
- Land Industrial Phoenix
- Land Multifamily Phoenix
- Industrial Land for sale Phoenix
- Land Industrial
- Investment Real Estate
Disclaimer of Liability
The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.