Bridge Investment Group Closes $50M Acquisition in Phoenix

The company used a $33.7 million Freddie Mac loan to purchase Country Club Verandas, a 348-unit community in Mesa, Ariz.
Country Club Verandas
Country Club Verandas. Image courtesy of Institutional Property Advisors

Weidner Apartment Homes has sold Country Club Verandas, a 348-unit community in Mesa, Ariz. Bridge Investment Group bought the Class C asset for $49.6 million. According to Yardi Matrix data, Wells Fargo Bank provided the buyer with a $33.7 million Freddie Mac acquisition loan due to mature in 2027. The property last traded in 2011 for $13 million. Institutional Property Advisors represented the seller and procured the buyer in the current deal.

Completed in 1985, the 14-building community is spread across 13 acres at 1415 N. Country Club Drive. The unit mix features one- and two-bedroom floorplans averaging 540 square feet. Amenities include a swimming pool, spa, basketball court, playground and clubhouse. Yardi Matrix data shows the property was 93.1 percent occupied as of January.

With 528 linear feet of frontage along Mesa’s main north-south thoroughfare, Country Club Verandas is approximately 3 miles north of city center and 3 miles south of Red Mountain Freeway. Located 3 miles further down the same road is a 320-unit Class B community that traded for $46 million in November.

IPA Senior Managing Directors Steve Gebing and Cliff David were instrumental in this transaction. The brokerage duo also advised the seller and procured the buyer in the $49.5 million recent sale of a 308-unit community located in Northern Phoenix.