Presidio North apartments in Phoenix sell for $55.6M
JLL Capital Markets announced today that it has closed the $55.6 million sale and arranged $38.6 million in acquisition financing for the Presidio North apartments located in Phoenix, Arizona.
JLL represented the seller, a charitable foundation, in completing the sale to the buyer, Western Wealth Capital. JLL also worked on behalf of Western Wealth Capital to secure the floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
The garden-style Presidio North apartments consists of 360 studio, one- and two-bedroom units, totaling 250,232 rentable square feet. Current community features include three hot tubs, heated swimming pool and a grilling station with charcoal and gas grills and smokers. Built in 1986, the apartments offer immense value-add opportunity for the buyer, including updates to interior finishes and amenities.
Located at 17031 N. 11th Ave., the property is situated in the Northwest Phoenix submarket, which has demonstrated consistent performance in rent growth and occupancy. The area is surrounded by immense retail options and recreational amenities. Additionally, the Presidio North apartments are widely connected to major employment hubs via the I-17 Freeway and Loop 101, allowing access to over 80,000 jobs in the Deer Valley Corridor; over 30,000 jobs in the Desert Ridge/Mayo Clinic Corridor; over 61,500 jobs in the Camelback Corridor; and over 75,200 jobs in Midtown.
“We are really excited to finally takeover this deal,” says Jay O’Connor, Western Wealth Capital’s Director of Acquisitions in Phoenix. “The Phoenix market continues to be staple for our success and we are very pleased to have closed this deal by year’s end. Our team has been working very hard to finalize this project and we look forward to beginning immediate property improvements.”
The JLL Capital Markets team representing the seller was led by Brian Ackerman, John Cunningham, Charles Steele and Mike Higgins. Financing was led by Brad Miner and Josh Simon.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.