HSL Properties Inc. in Tucson (Humberto Lopez, principal) has added to its vast multi-family holdings in Arizona with the $53 million ($128,019 per unit) purchase of The Station on Central, a 414-unit apartment complex at 4140 N. Central Ave. in Phoenix.
The seller was North Central Avenue Apartments LLC, formed by Baron Properties in Greenwood Village, Colo. (J. Jeffrey Riggs, Scott Fisher, T.J. Tarbell, principals).
The transaction was negotiated through Brad Goff and Dave Lord of Apartment Realty Advisors in Phoenix. Maricopa County records show HSL Station on Central LLC (HSL entity) acquired the project with a $39.24 million loan from Compass Bank.
After buying the Central Avenue apartments just over three years ago, the seller made a tidy $16.5 million profit from the sale.
In May 2011, Baron Properties company paid $36.5 million ($88,164 per unit) to buy The Station on Central (then called Empirian on Central apartments). The complex was developed by JPI Properties in 1999 and was originally named Jefferson on Central. Four years ago, a company that acquired the project from JPI Properties lost the apartments to foreclosure after defaulting on a $39.5 million loan that was secured by the multi-family community.
The Class A property is just north of Indian School Road and is adjacent to a METRO light rail station. The luxury one-, two- and three-bedroom units fit in well with HSL Properties 10,000-plus unit multi-family portfolio. With the acquisition of The Station on Central, HSL Properties owns 42 apartment projects in Arizona. Of those, 8 are located in the Phoenix market, 32 are in the Tucson area and the privately-held HSL has 1 multi-family community in Casa Grande and 1 in Yuma.
HSL Properties is looking to buy additional apartment projects in Arizona. Find out more from Omar Mireles of HSL Properties at 520-322-6994. Contact Riggs at 303-290-9007. Contact Goff and Lord at 602-252-4232.