Financing Amount:
Cash-Out Refinance
Phoenix, AZ
Capital Source:
Freddie Mac
Transaction Details:

Tower Capital recently refinance a 52-unit garden style apartment community located in the Papago submarket of central Phoenix. Built in 1981, the unit mix consists of 75% one-bedroom units and 25% studios. Renovations have been made in recent years by Tower’s client, an experienced multifamily investor, including new modern plank flooring, modern hard surface countertops, white shaker cabinets, stainless steel appliances, modern goose-neck faucets, new bathroom vanities, faucets, fixtures, low flow toilets, lighting, ceiling fans, and two-tone paint. Given the age of the construction, the plumbing and electric are built to modern standards. This includes copper plumbing supply, ABS Sewer lines and 100-amp electric panels. The property is individually metered and consists of spacious floor plans with a portion of the one-bedroom units having private patios that are in high demand. The community has an attractive courtyard and pool along with a barbecue and picnic area for residents to enjoy. The property also offers covered parking, a laundry facility, and a leasing office.

The property is located just minutes away from one of the hottest neighborhoods in Metro Phoenix, Arcadia Lite. The location is very central to many other popular locations, including the north Tempe job center with a few million square feet of office and tens of thousands of employees, Arizona State University and iconic Mill Avenue, Sky Harbor Int’l Airport, and downtown Phoenix. Neighborhood hotspots include La Grande Orange, Postino’s, The Vig Arcadia, The Porch, OHSO, Hillstone, Tarbell’s, Zipp’s, Buck & Rider, Chestnut, Flower Child and Pita Jungle. All a short walk or bike ride away.

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