The man who never makes a mistake always takes orders from one who does.
Oct 22, 2013, 2:08pm MST Kristena Hansen Reporter- Phoenix Business Journal
Dorsey Place — an 84-unit apartment project near Arizona State University in Tempe that was initially built as condos — was sold to Alliance Residential and its venture partner in a nearly $15 million deal, according to a statement Tuesday by Transwestern in Phoenix.
The project is located at the southwest corner of Dorsey Lane and University Drive, less than a mile east of ASU’s main campus. It was built in 2007 as a for-sale condominium complex with a small retail component on the ground level. The original developer was only able to sell six of the units before converting the complex into apartment rentals in 2010, similar to many new condo projects around that time,such as 44 Monroe in downtown Phoenix and others in Tempe.
That next year, the entire complex was sold for $11.3 million to a joint venture between Stratford Partners Real Estate LLC and Pathfinder Partners LLC, both from San Diego, Calif., which continued the apartment conversion, according to the statement and Business Real Estate Weekly of Arizona.
“This was Stratford Partners’ first acquisition when the company formed in 2011,” said Jack Hannum, vice president of Transwestern’s multifamily division who helped represent the sellers in the recent transaction. “It acquired the building at a significant discount to replacement cost and did a fantastic job of stabilizing the asset over the last two years to significantly increase value. Stratford’s leadership saw the real potential in Dorsey Place, based on the community’s location, the quality of the property and their understanding of the Tempe multifamily market.”
The newest owners — Alliance Residential and Diversified International Partners, a fund created by Maryland-based Finesa Real Estate Group and fund manager Transwestern Investment Management — have even more changes for the complex in store.
The duo plans to convert the ground-level retail space into additional livable units, add a fitness center and renovate existing common-area amenities, the statement said.
“The new capital investment into Dorsey Place will create a highly attractive property that will offer an enhanced living experience to the additional workforce coming into the area,” Alliance Managing Director Paul Engler said in the statement.
Alliance Residential is the same company that recently finished Broadstone Camelback — a roughly 270-unit luxury apartment project at Camelback Road and 24th Street — and has two other high-profile multifamily complexes underway at the Scottsdale Waterfront and at Lincoln and Scottsdale roads.
Kristena Hansen covers residential and commercial real estate.
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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.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
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
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