Solano Terrace LLC in Phoenix (Zev Hendeles, principal) paid $12.25 million ($42,535 per unit) to buy the 288-unit Sonoma Grand apartments located at 4715 N. Black Canyon Highway in Phoenix.
The seller was Ridge Apartments LLLP, a limited partnership formed by Mentor Properties Inc. in Scottsdale (Cal DeSouza, Frank DeSouza, principals).
The deal was brokered through Bill Hahn, Jeff Sherman and Trevor Koskovich (HSK) of Colliers International in Phoenix. Maricopa County records show the buyer acquired the property with a $9.8 million Freddie Mac loan issued by Walker & Dunlap LLC. The financing was arranged by Adam Finkel of Tower Capital LLC in Phoenix.
The new owner has changed the name of the multifamily project to Solano Terrace. In September 2013, BREW reported the Mentor Properties company paying $7.631 million ($26,497 per unit) to acquire Solano Terrace (at the time called Canyon Place apartments). After buying the apartments, Mentor Properties renamed the community as Sonoma Grand. The complex was built in 1985.