Phoenix Community Scores $24M Financing
The real estate investment trust arranged the first mortgage financing for the community. Pinnacle at Union Hills was purchased for $48 million using proceeds from an equity offering.
By Evelina Croitoru
Pure Multi-Family REIT has arranged a $23.8 million first mortgage financing for the already announced acquisition of Pinnacle at Union Hills, a 264-unit community located in Phoenix. The company has previously fully funded the $47.5 million acquisition using proceeds from the equity offering which closed in April. The new first mortgage financing bears a fixed interest rate of 3.3 percent per annum for a term of seven years.
Property features
Located at 4750 E. Union Hills Drive, the property build by Trammell Crow Residential in 1997 offers a mix of one-, two- and three-bedroom floor plans averaging 1,019 square feet. Community amenities include a fitness center, a clubhouse, two swimming pools with spa, a business center and 661 parking stalls.
Almost 77 percent of the units have undergone extensive renovations, including stainless steel appliances, Corian countertops and wood-plank vinyl flooring. The property was 99.6 percent occupied as of May 2016, Yardi Matrix data shows, with average monthly rates reaching $1,171. The Pinnacle community is situated in the vicinity of the upcoming Arizona Biomedical Corridor and a plethora of shopping destinations, including Scottsdale Quarter and Kierland Commons.
Images courtesy of Yardi Matrix
