Greystone Earmarks $36M for AZ Apartments
- Apr 05, 2018
Greystone has provided a $35.8 million Fannie Mae DUS loan to an Oregon-based real estate investment group for the acquisition of Aldea at Estrella Falls, a 328-unit community in Goodyear, Ariz.
The loan carries a 10-year fixed rate and 30-year amortization period.
“Not only does the property boast 328 residential units and attractive amenities, but it also is in an ideal location in southwest Phoenix,” Tim Thompson, Greystone’s managing director, told MHN. “With the Phoenix market ripe for investment, this property was a great investment opportunity for our client and through our relationship with Fannie Mae we were able to secure favorable financing terms for our client.”
The deal represents the fifth Fannie Mae DUS deal Greystone has closed with the buyer.
Originally constructed in 2008, Aldea at Estrella Falls offer one-, two- and three-bedroom apartments. It features various amenities including barbecue grills, a heated pool and whirlpool, spa, clubhouse, fitness center and playground.
The entire property was renovated just two years ago.
The property is ideally located nearby the interstate freeway system that serves the metropolitan Phoenix area, making these homes ideal for Phoenix commuters looking for a suburban neighborhood.
According to Thompson, thanks to above-average household income and a resilient multifamily residential property market, the region is classified currently as stable.
“Similar to the boom other metro areas have seen recently, the Phoenix area is currently undergoing a significant transformation and represents an attractive investment,” Thompson said. “Combined with above average household incomes and a resilient multifamily property market, we are confident this is a stable investment.”
Joining Thompson as correspondent on the deal was Mark Paskill of Melvin Mark Capital Group.