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.
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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.
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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
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