INDEPENDENCE, Mo., May 6, 2013 (GLOBE NEWSWIRE) -- Xceligent has learned Vancouver, WA-based Holland Partners (www.hollandpartners.net) recently acquired The Bellagio, 5635 E Bell Road, Scottsdale, AZ, a 202-unit apartment community for $25,750,000 or $114,475 per unit. The property, which is located at the SE corner of E Bell Road and N 56th Street in Scottsdale, AZ, is well-positioned to enjoy many of Scottsdale's finest retail, restaurant and golf and recreation destinations.
This acquisition for Holland brings their Phoenix area portfolio to seven communities which include three communities in Tempe, two in Scottsdale and one each in Phoenix and Mesa. This acquisition was financed through a group affiliated with Hendricks Berkadia (www.hendricksberkadia.com). The buyer secured a $19.5M loan representing 76% Loan to Value (LTV).
The transaction closed on February 28, 2013. Holland Partners, doing business as Bellagio Owner, LLC, purchased the project from an entity owned and controlled by Equity Residential Trust (www.equityapartments.com). Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 446 properties located in 13 states and the District of Columbia, consisting of 127,814 apartment units. Equity has been an active seller in the Phoenix market in late 2012 and the first quarter of 2013 with the disposition of approximately 17 properties totaling 4,750 units.
It is believed Equity Residential has elected to dispose of non-core assets, allowing them to focus their energy and resources on acquisitions in other areas of the country, including a stake in acquiring the assets and liabilities of the former Denver, CO-based Archstone Enterprises LP (Archstone Apartments, www.archstoneapartments.com).
Holland Partners owns apartment communities in California, Colorado, Oregon, Washington and Arizona. Holland leases and manages their own communities.
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