Holliday Fenoglio Fowler, L.P. (HFF) announced that it has secured acquisition financing totaling $38.6 million for two Phoenix apartment communities – Pinnacle at Union Hills and Park 28.
HFF worked exclusively on behalf of the borrower, Pure Multi-Family REIT LP, to place the long-term, fixed-rate loans with an institutional lender in two separate transactions.
Pinnacle at Union Hills is located at 4750 E. Union Hills Drive at the northwestern corner of Union Hills Drive and Tatum Boulevard providing access to State Route 51 (Piestewa Freeway) and Loop 101 (Pima Freeway). The property’s location borders the future Arizona Biomedical Corridor and the prestigious North Scottsdale submarket. Renovated in 2015, each of the property’s 264 luxury units feature fully equipped gourmet kitchens, full-size washers and dryers, nine-foot ceilings, oversized walk-in closets, soaking tubs and private patios or balconies. Common area amenities include two resort-style pools with poolside cabanas, barbecue grilling areas, 24-hour fitness center and Wi-Fi café.
Park 28 is located at 4114 N. 28th Street in Phoenix’s Arcadia neighborhood placing it within 15 minutes of some of the area’s largest concentrations of office, educational and medical centers such as the Camelback Road office corridor, downtown Phoenix, Arizona State University, the University of Arizona, Phoenix Children’s Hospital and Banner University Medical Center. The property is also walkable to Sprouts Grocery, Starbucks and Los Olivos Municipal Park. Completed in 2016, the Class A community consists of 152 luxury units and amenities such as a resort-style pool and spa, a two-story clubhouse and state-of-the-art fitness center.
The HFF debt placement team representing the borrower was led by senior managing director John Brownlee, senior director Brad Miner and director Michael Cosby.