North Phoenix CommunityTrades For $24M
By Pavel Cazacu – Journalist, MHN: MultiHousing News
Jan 20, 2021
The new owner, Rise48 Equity, secured a non-recourse, variable interest rate loan which matures in 2031.
Rise48 Equity has completed the $24.3 million acquisition of Pointe Vista Apartments, a 160-unit community in Phoenix. The company financed the purchase with a non-recourse agency loan which carries a variable interest rate over a 10-year term. Univest sold the Class B property, according to Yardi Matrix data.
ABI Multifamily assisted both parties in the sale, with Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang handling the transaction. The asset previously changed hands in October 2015, when Mentor Properties sold it for $10.5 million. New York Community Bank provided a $7.9 million acquisition financing package to Univest at the time.
Located on 6 acres at 2045 W. Butler Drive, the community encompasses 13 two-story buildings completed in 1981. The unit mix has studio apartments and one- to three-bedroom floorplans ranging from 429 and 1,048 square feet. Community amenities include a swimming pool, a spa, a fitness studio, a basketball court and three laundry facilities.
The transaction represents the buyer’s seventh purchase in the city over the past two years. The company intends to invest in a capital improvement plan that will upgrade the unit interiors to increase asking rates, Zach Haptonstall, CEO & co-founder of Rise48 Equity, said in a prepared statement.
Last September, Rise48 Equity paid $15.5 million for Paseo 51, a 116-unit community in Glendale, Ariz. NorthMarq provided a 10-year, $12.4 million Freddie Mac acquisition loan.