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1/08/21
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Western Wealth Capital recently purchased Presidio North, a 360-unit multifamily property in Phoenix, for $55.6 mil ($154.4k/unit). The deal was financed with an acquisition loan of $38.6 mil.
The garden-style Presidio North apartments offers a mix of one- and two-bedroom units, totaling 250.2k sf. Current community features include three hot tubs, heated swimming pool and a grilling station with charcoal and gas grills and smokers. Built in 1986, the apartments offer immense value-add opportunity for the buyer, including updates to interior finishes and amenities.
Located at 17031 N. 11th Ave, the property is situated in the Northwest Phoenix submarket, which has demonstrated consistent performance in rent growth and occupancy. The area is surrounded by immense retail options and recreational amenities. Additionally, the Presidio North apartments are widely connected to major employment hubs via the I-17 Freeway and Loop 101, allowing access to over 80,000 jobs in the Deer Valley Corridor; over 30,000 jobs in the Desert Ridge/Mayo Clinic Corridor; over 61,500 jobs in the Camelback Corridor; and over 75,200 jobs in Midtown.
Brian Ackerman, John Cunningham, Charles Steele and Mike Higgins with JLL Capital Markets represented the seller, a charitable foundation. JLL’s Brad Miner and Josh Simon arranged the floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo℠ lender.
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