ReNUE Properties 268-Unit Acquisition

[Jeff Flaherty]

Below are two recent articles regarding our most recent acquisition.

Goodyear – In sales totaling $61.54 million ($121,142 per unit blended average), Fairfield Residential Inc. in San Diego, Calif. (Chris Hashioka, pres.) has sold 508 units in neighboring apartment projects located near the southeast corner of Estrella Parkway and Van Buren Street in Goodyear. In the larger of two separate transactions, a company formed by ReNue Properties in Scottsdale (Michael Christiansen, managing partner) paid $32.5 million ($121,269 per unit) to purchase the 268-unit Sera统Ỻna apartments located at 15400 W. Goodyear Boulevard. The seller was Fairfield Centerra LLC, formed by Fairfield Residential.

(article excerpt provided by the Business Real Estate Weekly of Arizona)

On May 24, Berkadia facilitated the $32.5 million sale of Serafina Apartment Homes, a garden-style property located at 15400 W. Goodyear Blvd North. The seller was Fairfield Centerra LLC, a Delaware limited liability company. The buyer was an entity formed by ReNue Properties.

The property features 268 units with one-, two- and three-bedroom floor plans. Built in 2009, apartment units feature kitchens with cherry and maple cabinetry, black GE appliances, a Roman oval soaking tub, oversized walk-in closets and a covered patio or terrace with storage room. The community offers residents a resort-style heated swimming pool and spa, outdoor fireplace, fully-equipped fitness center, clubhouse with plasma TVs, business center, picnic areas and playground.

(article excerpt provided by the Commercial Executive Magazine)