Gelt Acquires 441 Unit Mill Pointe and 201 West Apartments
April 9th, 2014 ? Two Tempe apartment complexes were sold yesterday for a combined $27.35m or $62,018 per unit. Gelt, Inc. acquired the properties from Bank of America Community Development with a combination of $6,837,500 in cash and $20,512,500 in new debt with New York Community bank.
The two properties, 201 West and Mill Pointe are located at the northwest corner of US-60 and Mill Avenue. 201 West is a 223-unit apartment complex with sixteen two-story buildings built 1973 on 10.7 acres. Mill Pointe is a 218-unit apartment complex in twenty-two two-story buildings built 1979 on 9.83 acres. The above-mentioned debt is allotted across the two properties as follows:
- $10.362m new debt for 201 West with an $11,398,200 release price
- $10,150,500 new debt for Mill Pointe with an $11,165,550 release price
Per the brokers, Jim Crews and Brett Polachek of Cushman Wakefield, the combined properties were 94% occupied at the time of sale. Mill Pointe?s average rent per square foot across its unit mix is $1.00, while 201 West?s average rent per square foot clocks in at $0.85.