30 Aug Sale of Bonfire Apartments

August 2014

Phoenix – Clear Sky Capital Airmont LLC in Phoenix (Marcus Kurschat, principal) paid $1.65 million ($68,750 per unit) to buy the 24-unit Bonfire at Midtown apartments at 529-530 E. Mariposa Street in Phoenix. The seller was 5th & Camelback LLC in Scottsdale (Ryan Hartman, principal). The cash sale was brokered through Brian Smuckler and Jeff Seaman of CBRE in Phoenix. Public records show the buyer acquired the Phoenix multi-family property with a $1.237 + million loan from Bank 1440. In January 2013, BREW reported Hartman’s entity paying $800,000 ($33,333 per unit) to acquire Bonfire at Midtown (at that time called Mariposa Park). The complex was built in 1964. Clear Sky Capital now owns 1,616 apartment units in 14 projects in Arizona. The company is looking to purchase additional multi-family communities.

Tempe – Aho LLC in Phoenix (Mark Egerman, Lee Egerman, principals) paid $1.530 + million ($69,656 per unit) to purchase 22 units of the 54-unit Rialto condominiums at 1125 E. Broadway Road in Tempe. The seller was Tamaron Investments Inc. in Scottsdale (Juliana Vaughn, director). Public record shows the buyer paid cash for the units in the broken condominium project, which is located south of Arizona State University. The buyer was represented by Eddie Chang, John Kobierowski, Alon Shnitzer, Rue Bax and Doug Lazovick of ABI Multifamily in Phoenix. The seller was represented by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Rialto was originally developed in 1985 as apartment rentals and the property was upgraded and converted to individual condos in 2006.