9/4/2007

Chandler, Ariz., apartment complex sells for $61.9 million

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Biscayne Bay Apartments

The 512-unit Biscayne Bay Apartments in Chandler, Ariz., were acquired by a joint venture of Waterton Associates LLC and a fund by the California State Teacher's Retirement System (CalSTRS) for $61.9 million.

Bob Bruno and Mark Forrester with Hendricks & Partners represented the sellers, Falcon Southwest Development Co. and Cargill Inc.

Falcon Southwest and Cargill purchased the property for $46 million in May 2005.

The apartment complex has 40 two-story buildings consisting of one-, two- and three-bedroom units.

The 90 percent occupied complex sits on 30 acres and each unit ranges in size from 740 to 1,320 square feet.

Since its inception in 1995, Waterton has acquired over 32,000 apartments in 99 properties in major metro areas in the U.S.

Falcon Southwest is a real estate investment firm that emphasizes in direct acquisitions or recapitalizations of office, industrial and multifamily properties.

Cargill is an international provider of food, agricultural and risk management products that also provides equity and debt across a range of asset classes, including real estate, credit-intensive assets and venture capital.

Address: 300 E. Warner Rd., Chandler, Ariz.

Size: 512 units

Built: 2001

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Filed Under: Multi-Family

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