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MULTIFAMILY NEWS
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IDM Companies Secures $54 Mil for Development of Two AZ Res Projects

5/08/19

PCCP LLC has provided two senior loans totaling $54.2 mil to IDM Companies for the ground-up development of two multifamily complexes in the Phoenix market. The properties will total 534 units and include IDM Estrella Parkway, a 352-unit project in Goodyear, and IDM Cooley Station, a 182-unit project in Gilbert.

One of the financings is a $34.1 mil senior loan for IDM Estrella Parkway, a Class A, garden-style apartment community in Goodyear. The project will include 352 one-, two- and three-bedroom floorplans across 15 residential buildings and will feature high-end amenities with ample covered surface parking. Unit interiors will include hard surface countertops, vinyl plank flooring, nine-foot ceilings, washer/dryer, private patios and balconies, and stainless steel appliances. The common area amenities include two pools, a fitness center, leasing office, community game room/lounge with kitchen, and outdoor grilling areas.

IDM Estrella Parkway is situated at the intersection of Estrella Parkway Rd and Fillmore St, and is well-located within the Estrella Commons master plan. It is directly adjacent to a planned retail center that will include an Aldi grocery store, AMC movie theater, Starbucks, and two hotels, and is just one-half mile from Interstate 10.

Cooley Station, Gilbert
Cooley Station, Gilbert
The other transaction is a $20.1 mil senior loan for IDM Cooley Station, a Class A, garden-style apartment complex in Gilbert. The project will include 182 one- and two-bedroom floorplans across 14 residential buildings and will feature high-end amenities with ample covered surface parking. Unit interiors will include hard surface countertops, vinyl plank flooring, nine-foot ceilings, washer/dryer, private patios and balconies, and stainless steel appliances. The common area amenities include a pool, fitness center, leasing office, community game room/lounge with kitchen, and outdoor grilling areas.

IDM Cooley Station is situated at the intersection of East Vest Ave and South Recker Rd, and is well-located within the Cooley Station master plan, directly north of in excess of 25 acres of mixed-use projects under development. The site is two miles south of an entrance to the Loop 202 freeway, which encircles the Southeast Valley and connects to downtown Phoenix. Access to job centers, a young and well-educated workforce, the presence of the STEM industries, and an Arizona State University satellite campus are all factors that have driven growth in Gilbert this cycle.

The Phoenix economy is now the 11th largest metro in the United States. The population expanded 12.4% between 2010 and 2017 and has increased at an especially rapid rate in recent years. Phoenix ranked 4th in population gains across all U.S. metros between 2016 and 2017 and added another 85,800 people (approximately 2%) between 2017 and 2018. Phoenix also created 86,800 jobs (4% growth) between 2017 and 2018, achieving the 2nd highest percentage job growth among all U.S. metros. The expanding economy has strengthened fundamentals in the Phoenix multifamily market, as demand for apartments has consistently outpaced supply.

The financing was arranged by Dave Kidder, Adam Deermount, Steve Sims, and John Meek at Landmark Capital Advisors.







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