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5/20/16
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Weidner Apartment Homes purchased Desert Horizon Apartments, a 514-unit apartment community located at 16636 North 58th Street in Scottsdale, AZ. The acquisition was financed with a $53.5 mil loan arranged by CBRE Capital Markets’ Debt & Structured Finance team.
Desert Horizon is a garden-style residential property in the highly desirable North Scottsdale submarket. The project is well located with excellent visibility along Bell Rd, and is within close proximity to major employment corridors and the future Arizona Biomedical Corridor.
The property was developed in three phases between 1985 and 1988 on 22.5 acres and is comprised of one-, two- and three-bedroom units, with an average size of 902 sf.
In 2015, the seller completed approximately $5.6 mil in exterior and unit interior capital improvements, with approximately 77% of the apartments receiving some level of renovation. Project amenities include five swimming pools with sundecks, three spas, a clubhouse with billiards table, a coffee bar/kitchen, a 24-hour fitness center, covered parking, and barbeque and picnic areas.
CBRE’s Troy Tegeler, Bethany Bailey and Trevor Breaux arranged the 10-year fixed-rate acquisition loan. Financing was provided by Fannie Mae.
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