Multifamily owner-operator American Landmark Apartments has acquired Cabana 99th, a new apartment community in Glendale, Ariz. Located at 10000 W. Missouri Ave., the 286-unit apartment community is being renamed The Lotus. It is the company’s second Arizona acquisition this year, after June’s purchase of The Access Apartments.
Completed this year, The Lotus provides studio, one- and two-bedroom apartments extending in size from 468 to 828 square feet. Features and finishes of the residences include full-size washers and dryers, 9-foot ceilings, wood-style vinyl plank flooring, energy-efficient windows and, in select apartments, workstation desks. Among the community’s common-area amenities is an outdoor fitness space.
The community’s 19 three-story wood-frame buildings are spread across a more than 10-acre site. The property was 93.7 percent occupied at the time of the acquisition.
“The main challenge was the volatility in the debt market,” Christine DeFilippis, chief investment officer of American Landmark Apartments, told Multi-Housing News. “Indexes rose significantly and very quickly while under contract. We were able to place suitable debt with hedge as the property quickly completed lease up and achieved stabilized occupancy during the contract term.”
The Lotus is located in a neighborhood within Glendale called Westside. A number of parks, recreation areas and shopping destinations are located near the apartment community. The parks include Maryvale Park, Glendale Heroes Regional Park and Grand Canal Linear Park. Columbia Plaza, Camelback 101 Plaza and Agua Fria Towne Center are prominent retail centers within a 20-minue walk.
Downtown Phoenix and Sky Harbor International Airport are situated a 25-minute drive away. Earlier this month, American Landmark acquired the 400-unit Element at Stonebridge in Richmond, Va.