A Southern California investor, based in Costa Mesa who immigrated to the U.S. from Iran in the 1960's, has entered the real estate market here to buy for $47 Million the 392-unit Stone Canyon apartments ($119,899 per unit) located at 5210 E. Hampton Avenue in Mesa.
Built in 2000 on 25 acres, Stone Canyon is a gated community with 20 garden-style apartment buildings, consisting of one and two bedroom apartment homes.
The investment is the first in the Valley for Khosro Khaloghli, who is affiliated with Olen Residential Realty Corp. in Newport Beach, Calif. (Igor Olenicoff, principal). Olen Residential also owns Serena Lakes in Gilbert.
Maricopa County records show three tenant-in-common companies TIC formed by Mr. Khaloghi acquired the Mesa apartments with a $32.5 million Freddie Mac loan issued by Centerline Mortgage Partners Inc. Khaloghli is the sole member or managing member of all three buying entities.
The sellers were 34 TIC entities formed by SCI Real Estate Investments in Los Angeles, Calif. (Marc Paul, Bob Robbotti, co-founders) who originally purchased the property in June 2005 for $37.62 million ($91,837 per unit). See link below for more details:
In a press release from May 13, 2015 National Asset Services, one of the country's leading commercial real estate companies, has successfully delivered a cumulative return on investment ROI of over 95% to the tenant-in-common co-owners of Stone Canyon Apartments in Mesa, Arizona.
Stone Canyon Apartments is located in the proximity of some of Mesa's largest employers including; Banner Gateway Hospital, Banner Baywood Hospital and The Boeing Company.
It's one block south of Southern just off Higley Road, very close to the Freeway.
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