Phoenix Community Lands $23M Refi

The ownership fully reverted the property from condominiums to apartments.

North Mountain Foothills
North Mountain Foothills came online in 1972. Image courtesy of Yardi Matrix

Apex Management has secured a $23 million refinancing for North Mountain Foothills, a 194-unit multifamily community in Phoenix.

Arbor Realty Trust originated the Fannie Mae loan, according to Yardi Matrix data. Tower Capital arranged the debt on behalf of the borrower.

Completed in 1972, the property was initially a condominium project. Apex Management purchased the units between 2010 and 2012, and upon acquiring all of them dissolved the HOA and fully reverted the asset to apartments.

READ ALSO: Is Multifamily Investment Finally Thawing?

The community comprises eight two-story buildings which encompass studio, one-, two- and three-bedroom floorplans ranging from 410 to 1,008 square feet. Common-area amenities include a basketball court, a swimming pool and three laundry facilities, along with 294 parking spaces. Ownership has recently implemented capital improvements including unit renovations, as well as upgrades to the roofing and A/C systems.

Located at 1943 West Aster Drive, North Mountain Foothills is close to Interstate 17 and roughly 12 miles north of downtown Phoenix. It is also less than 3 miles from some retail options and near Cave Creek Park.

Phoenix investment activity picks up pace

Year-to-date through May, nearly 4,800 units across more than 20 properties changed hands in the Phoenix multifamily market for a total investment volume exceeding $1.2 billion, according to Yardi Matrix information. This represents an increase in activity compared to the same period last year when 15 assets traded for slightly above $1 billion. The average price per unit however has decreased from $290,428 to $272,882.

One of the larger recent transactions in the metro was IMT Capital’s $96 million purchase of the Handle North Scottsdale. The 240-unit asset traded at a lower price than at its previous, $145 million sale.

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