Vancouver, Wash.-based Holland Partners recently acquired The Bellagio, 5635 E Bell Rd., in Scottsdale, a 202-unit apartment community for $25.75M.
The property, at the SEC of E. Bell Rd. and N. 56th St. Scottsdale, is well-positioned to enjoy many of Scottsdale’s finest retail, restaurant and golf and recreation destinations.
This acquisition for Holland brings its Phoenix area portfolio to seven communities which include three in Tempe, two in Scottsdale and one each in Phoenix and Mesa. This acquisition was financed through a group affiliated with Hendricks Berkadia.
The buyer secured a $19.5M loan representing 76% Loan to Value (LTV). The transaction closed on Feb. 28. Holland Partners, doing business as Bellagio Owner, LLC, purchased the project from an entity owned and controlled by Equity Residential Trust. Xceligent announced the deal.