HFF Secures $10M Financing for AZ Community
- Jan 11, 2018
HFF has secured $9.5 million in financing for The Traditions, a 160-unit apartment community in Mesa, Ariz. The borrower, EPI LP, obtained a 10-year, fixed-rate loan for the property from Aegon USA Realty Advisors. HFF’s debt placement team included Senior Director Zach Koucos and Senior Managing Director Jeremy Womack.
The Traditions sits on approximately nine acres at 4450 E. Southern Ave. It comprises 78 one-bedroom and 82 two-bedroom units, which range from 812 to 1,112 square feet and feature fully equipped kitchens, washers and dryers, walk-in closets, private balconies and patios. According to Yardi Matrix, monthly rent averages $1,008. Community amenities include:
- controlled access
- fitness center
- swimming pool
- 292 covered parking spaces
There are multiple restaurants and shops within walking distance of the apartment community. Four golf courses are located within three miles, as are multiple parks and other green spaces. The Superstition Springs shopping mall is just under three miles away, while Banner Gateway Medical Center is a few minutes from the property. Route 60 is also close to the community, while Loop 202 is within an 11-minute drive. Downtown Phoenix is approximately 30 miles away from the property.
HFF recently brokered the sale of a 330-unit senior housing community in Phoenix.
Image courtesy of Yardi Matrix