CWS Capital Partners Pays $36M for Phoenix Community
The 160-unit Azure Creek at Tatum Ranch in Cave Creek last traded in 2015 for $23.3 million.
CWS Capital Partners has acquired Azure Creek at Tatum Ranch in Cave Creek, Ariz., from RK Properties. Maricopa County public records show that the 160-unit community traded for $36.3 million. Walker & Dunlop originated a $20 million Fannie Mae acquisition loan for the new owner. The garden-style property last changed hands in 2015, when RK Properties acquired it for $23.3 million from Sunstone Realty Advisors, according to Yardi Matrix.
Located at 29862 N. Tatum Blvd., within walking distance of the Tatum Ranch Golf Course, the asset is adjacent to several retail and dining options. The property is also within 12 miles from Interstate 17 and roughly 30 miles north of downtown Phoenix. Completed in 2001, the 10 two-story buildings comprise one- and two-bedroom apartments with floorplans ranging from 707 to 1,093 square feet. Common-area amenities include a business center, dog park, outdoor barbecue grill and picnic area, pool and fitness center. Yardi Matrix data shows the property was 96.3 percent occupied as of November.
At the end of last year, RK Properties bought the 292-unit Pointe at Prosperity Village in Charlotte, N.C. KeyBank originated the $32.7 million acquisition financing.