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Wednesday, 16 May 2018

Phoenix-Area Apartments Sell for $69.25Mln

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Olympus Property has paid $69.25 million, or $230,066/unit, for the 301-unit Alta Steelyard Lofts apartment property in Chandler, Ariz.

The Fort Worth, Texas, apartment specialist, founded in 1992 by brothers Chandler and Anthony Wonderly, bought the two-year-old property from its developer, Wood Partners of Atlanta, in a deal brokered by the Institutional Property Advisors unit of Marcus & Millichap.

The property, at 155 East Frye Road, was developed on a 6.4-acre site that previously housed a steelyard, and before that, a cotton gin. It was built using some material gathered from the former steelyard, such as re-bar, steel I-beams and metal awnings. Units include granite countertops, stainless-steel appliances and nine- to 14-foot ceilings. The complex includes a swimming pool, outdoor lounge area, clubhouse, fitness center, rooftop deck and kitchen.

Olympus owns more than 14,000 units in nine states. Its latest investment, which it has renamed Olympus Steelyard, is its sixth in the Phoenix area.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Phoenix
  • States: Arizona
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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