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December 14, 2019
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TEXAS/SOUTHWEST NEWS
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AZ Multifamily Community Sold for $13.9 Mil

11/08/19

Montego Bay Apartments, a 192-unit complex in Sierra Vista, AZ, has sold for $13.9 mil, or $72.4k/unit. The property, located at 409 S. Lenzner Ave, was acquired by DLP Capital Partners, a single-family development and private investment group.

Constructed in 1997, Montego Bay Apartments consist of 12 two-story apartment buildings, equaling 134.3k sf of space. The community is situated on just over nine acres of land, centrally located in Sierra Vista with convenient access to public transportation, restaurants, retail, and many other amenities. The units are exceptionally large, and it is considered the best value, B+ quality, multifamily community in the market. The apartment complex was 99% occupied at the time of sale.

Montego Bay was a rare Real Estate Owned (REO) sale on behalf of CW Capital, the loan servicer administering the underlying loan maturity default. The community’s REO status generated a substantial number of investors. There were 11 registered bidders from coast to coast, and the winning bid was above the reserve price.

Karl Abert and Darren Tappen with Kidder Mathews represented the seller, CW Capital Commercial Real Estate Services, a loan servicing company in the transaction.





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