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10/16/20
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Tuscany Ridge, a 336-unit multifamily property in Peoria, AZ, has been refinanced with a Freddie Mac, $50.76 mil cash-out loan. The property, located at 8203 West Oraibi Dr, is owned by The Aukum Group, out of Larkspur.
Tuscany Ridge, located in the Arrowhead submarket of Phoenix MSA, is a garden-style property featuring five different unit types of one to three bedrooms, ranging in size from 740 sf to 1.3k sf.Built in 2004, the property had an occupancy rate of 97% at the time of refinancing.
Property amenities include a resort-style swimming pool and spa, water feature and poolside ramada, 24-hour fitness center, racquetball court, dry sauna, resident clubhouse with a theater room, a children’s playground, and picnic areas with barbeque grills.
The Aukum Group purchased the property in an off-market transaction in August 2019 for $54.5 mil ($162k/unit) and financed the acquisition with a $34 mil, seven-year Freddie Mac Term Interest Only ARM.
Since acquisition, the Aukum Group has invested in significant interior and exterior renovations, and plans to continue property renovations. Future add-value projects include renovating classic units, repainting the exterior, enhancing the entrance and storefront, upgrading common area amenities, and rebranding the community with a new identity.
Jesse Weber and Andrew Behrens with CBRE Capital Markets’ Debt & Structured Finance team arranged the loan, which has a 10-year term with five years of interest-only payments. According to CBRE Research, Phoenix is the No. 6 market ranked by multifamily investment volume from 2015 to H1 2020 with $2.8 bil.
Tuscany Ridge is adjacent to the Loop 101 Fwy, providing community residents direct access to two large employment hubs: Arrowhead/North Peoria and the I-17 Corridor. The property is also located within five miles of Arizona State University (West Campus), Thunderbird School of Global Management, and Midwestern University.
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