Investors Obtain $35M for AZ Acquisition
- May 23, 2018
An MDC Realty Advisors USA-managed fund has obtained $35.5 million in financing for Autumn Creek Apartments in Chandler, Ariz. Western Wealth Capital acquired the property on behalf of the borrower.
The 360-unit property is at 1320 N. McQueen Road, about 23 miles southeast of the Phoenix CBD. The two-story, garden-style community features fountains, lakes, streams and various common amenities, including a swimming pool, basketball and volleyball courts, fitness center and business center.
Autumn Creek Apartments is currently 95 percent occupied; rent for a one-bedroom unit at the property runs at $625, according to Apartments.com. RentCafe puts the average rent for an apartment in Chandler at $1,137, a 4 percent increase compared to a year ago.
Borrower Plans Capital Expenditures on Property
HFF facilitated the five-year, floating-rate loan through an international bank. The loan was used to acquire the property and includes a future-funding component to assist the borrower with its capital expenditure program.
The transaction follows the recent financing HFF arranged on behalf of the partnership with the same lender for the acquisition of Greentree Place. The property is a 256-unit apartment community less than 2.5 miles south of Autumn Creek Apartments.