Five Doors Plus Buys Phoenix Asset

The new owner assumed an existing CMBS Freddie Mac loan.

Montecito. Image courtesy of Northmarq

Five Doors Plus has acquired Montecito, a 92-unit multifamily community in Phoenix. Northmarq brokered the $22.3 million transaction for the seller, identified by Yardi Matrix as a private owner, also arranging financing for the buyer.

The new owner assumed an existing $9.8 million CMBS Freddie Mac loan and secured a supplemental Freddie Mac loan of $3.7 million. The property previously traded in 2020 for $12.5 million, according to the same data provider.

Completed in 1983, the eight-building community offers two-bedroom floorplans. Common-area amenities include a swimming pool, a playground, two laundry facilities, a courtyard and barbeque areas.

A recently upgraded property

Montecito recently underwent a capital improvement program, with interior upgrades totaling $1.2 million, while exterior renovations added up to $239,000. The latter consisted of a new covered parking, walkway and landscaping improvements, new HVAC units, addition of solar screens and a dog park. Interior upgrades included the addition of new stainless-steel appliances, hardware, lighting fixtures, sinks, countertops and wood-inspired flooring.

Located at 1301 E. Mountain View Road, the community sits on roughly 3 acres, within the North Phoenix submarket. Montecito is situated between Interstate 17 and Route 51, providing access to downtown Phoenix, while HonorHealth John C. Lincoln Medical Center is 1.2 miles away.

Jesse Hudson, Logan Baca, Ryan Boyle and Trevor Koskovich from the Northmarq Phoenix investment sales team represented the seller, while the brokerage’s debt & equity team of Griffin Martin, Tyler Woodard, Bryan Mummaw, Brandon Harrington and Brad Burns arranged financing for the buyer.

Recently, Mummaw was involved in securing acquisition financing for another multifamily deal in Phoenix. Northmarq arranged $55.5 million in Freddie Mac acquisition financing for Harbor Group International in the $80.8 million purchase of Colter Park Apartments.

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