SAN DIEGO — Sunroad Enterprises has sold a 15-property portfolio to Fairfield for $1.1 billion. Both firms are based in San Diego. The portfolio includes properties in six states: six in Arizona, one in Nevada, three in Colorado, two in North Carolina, two in South Carolina and one in Georgia. The deal took six years to put together. JLL, representing Sunroad, arranged the sale as well as a $415 million Freddie Mac loan for 10 of the assets and an additional $250 million in fixed-rate senior debt provided by KKR.
The portfolio comprises 3,830 units, with six properties classified as Class A or core assets and nine considered value-add projects that are undergoing renovations. The average year the properties were developed is 2011. Sixty-five percent of the assets are garden-style communities, and 35 percent are mid-rise communities.
JLL Capital Market’s advisory team was led by Aldon Cole, Roberto Casas, Tim Wright and Bharat Madan. The Henderson, Nevada, Colton Apartments transaction was handled by Mark Wintner. The sale accounts for approximately 40 percent of Sunroad’s holdings.