Investcorp Snags Phoenix Community for $50M
- Jul 19, 2017
Investcorp is the new owner of Tuscany Palms, a 582-unit community in Mesa, Ariz. P.B. Bell Cos. sold the Class C asset for $49.8 million, or $85,481 per unit, according to Yardi Matrix. The sale was subject to a $34.5 million loan held by Freddie Mac. HFF arranged the seven-year financing, which is due in August 2024.
Formerly known as Tiburon, the property last traded in 2014, when Standard Fund sold it for $29.5 million, or $50,618 per unit.
Abundant living space
Tuscany Palms is located at 901 S. Country Club Drive, only a few minutes from MCC, Fiesta Mall and the 101 and US 60 freeways. The unit mix consists of studio, one- and two-bedroom apartments, ranging from 418 to 759 square feet. Monthly rents start at $625 for the smaller units and go as high as $918 for the larger floorplans.
All apartments feature newly renovated interiors, open-concept living areas, patios or balconies, black appliance packages, ceiling fans, AC and dishwashers. Amenities include a fitness center, as well as tennis and volleyball courts, two swimming pools, a spa, laundry facilities and fully covered parking totaling 910 spaces.
Investcorp owns two other properties in the metro: MidTown on Main, a 472-unit community, also in Mesa, Ariz., and Arcadia Cove, a 432-unit community in Central East Phoenix.
Images courtesy of Tuscany Palms website