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9/01/21
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InTrust Property Group recently picked up two multifamily properties totaling 208 units in Glendale, AZ. Acquisition of the properties, the Sunflower and Veranda Apartments, was financed with a loan of $29.36 mil.
Located at 6015 and 5959 West Olive Ave, near Glendale Community College, Saguaro Ranch Park and Glendale library, the gated multifamily properties offer units that range in size from 450 sf to 1.2k sf. Community amenities include three swimming pools, grill and picnic areas, and on-site property management.
Upon acquisition, InTrust plans to upgrade all units to include stainless steel appliances, new cabinetry and quartz countertops. The loan will provide funding for the future capital improvements and renovation of the asset and was structured with a three-year term with two one-year extensions.
Shaun Moothart, Bob Ybarra, Bruce Francis, and Doug Birrell of CBRE arranged the loan on behalf of InTrust Property Group, a Newport Beach-based multifamily investment firm.
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