Tag Archives: Crestone at Shadow Mountain

Crestone 2, CBRE, WEB

Shadow Mountain apartments sell for $27.2M

CBRE’s Capital Markets group announced today that it has secured financing on behalf of Real Estate Capital Partners (“RECP”) for the financing of Crestone at Shadow Mountain Apartments (“Crestone”). Brian Eisendrath with CBRE’s Debt and Structured Finance team arranged a 5-year, full term interest only fixed rate loan of $16,811,000 (60% LTC), which was locked in at an interest rate of 3.30% through Freddie Mac. The 248-unit asset was acquired for $27.2> ($109,677/unit) from Scottsdale-based P.B. Bell, who will remain in-place as the property’s management company, and was represented by Tyler Anderson and Sean Cunningham with CBRE in Phoenix.

RECP’s Current Income Fund (the “Fund”) provided the equity for Crestone, which will provide investors a strong current rate of return in a high quality, well located project. RECP is a U.S. real estate investment advisor, founded in 1989, whose goal is to create superior risk adjusted returns by investing in U.S. real estate. Investments have consisted of existing and to-be-built apartment, office, industrial, retail and mixed-use properties.

With the low cost of capital and the full term interest only loan, this execution will allow RECP to execute its business plan,” said Mr. Eisendrath.

Brian and his team were able to secure attractive financing at a 3.30% rate with full term interest only. The execution supports our business plan to maximize cash on cash returns,” said Stephen Henry, Vice President – Investment Management of REC.

Crestone at Shadow Mountain is a well-established community situated in the heart of North Phoenix. This community was built in 1992 and features 248 units, averaging 876 square feet, in 19 two-story buildings. The Property offers proximity to the SR 51 connecting residents to the Loop 101 through North Scottsdale as well as to all the amenities in Downtown Phoenix. Select units offer nine-foot ceilings, full size washers and dryers, and wood burning fireplaces.

Monroe Tribute Awards Winner

Tribute Awards Wrap Up 2012 AMA State Convention

The 2012 Arizona Multihousing Association state convention ended on a high note Thursday night with the 20th annual Tribute Awards gala at the Phoenix Convention Center.

An audience of more than 1,200 was on hand as 18 awards were given to individuals and real estate companies in Arizona’s multi-family industry. Besides the Tribute Awards, the state convention also included a two-day expo and panel discussions.

The 2012 winners:

  • Industry Partner – Tucson: Judy Drickey-Prohow, Law Offices of Scott M. Clark;
  • Industry Partner: Jim Kowalski, Kowalski Construction Inc.;
  • Volunteer: Amy Smith, Bella Investment Group;
  • Volunteer – Tucson: Chris Evans, HSL Asset Management;
  • Housekeeper: David Dreyer, Autumn Ridge (Greystar Real Estate Partners);
  • Leasing Consultant: Kaysie Keifer, San Palmilia (Mark-Taylor Residential);
  • Assistant Manager: Stuart Draper, Crestone at Shadow Mountain (P.B. Bell Companies);
  • Maintenance Technician: Jose Romero, The Lodge at Arrowhead (Alliance Residential Company);
  • Maintenance Supervisor (1-199 units): Keith Walker, The Oaks (Fairfield Properties);
  • Maintenance Supervisor (200+ units): Todd Schwartz, Fernwood Manor (Greystar RE Partners);
  • Apartment Manager (1-199 units): Meghan Banaszak, Sonoran Ridge (P.B. Bell);
  • Apartment Manager (200+ units): Don Nolder, Fountain Oaks (Greystar RE Partners);
  • Best Team & Community for Properties Built Prior to 1993: Bella Sera, Allison-Shelton RE Services Inc.;
  • Best Team & Community for Properties Built 1993-2003: Dakota at McDowell Mountain Ranch, Mark-Taylor Residential;
  • Best Team & Community for Properties Built 2004-2011: Trillium Cave Creek, Trillium Residential Communities;
  • Regional Maintenance Supervisor: Peter Parham, Alliance Residential;
  • Regional Property Supervisor: Ann Boomsma, MEB Management Services;
  • Developer’s Award: 44 Monroe, Greystar RE Partners.