Mesa Apartments Sell For $29 Million
Wallin Hester attorney Troy A. Wallin acted as Arizona counsel on the recent acquisition of the Aventerra at Dobson Ranch lakefront apartment community in Mesa, Arizona for $29.1 million.
The 576-unit complex is located at 1960 W. Keating Ave. Built in 1980, Aventerra was 87 percent occupied at the time of sale.
The seller was Special Service LNR Partners LLC of Miami Beach, Fla., which acquired the property through foreclosure in September 2010.
Mr. Wallin worked closely with the out-of-state client and its outside counsel on all aspects of the acquisition, including issues involving zoning compliance, purchase and security agreement terms, as well as acquisition financing terms and representations to the lender.