Pennybacker Capital Spends $42M in Phoenix

JLL provided nearly $32 million in acquisition financing for the 302-unit property through Freddie Mac.
The Osborn

Bean Investment Real Estate has sold The Osborn in Phoenix for $42 million to Pennybacker Capital, Yardi Matrix data shows. JLL originated a $31.6 million, 10-year Freddie Mac loan for the buyer, set to mature in 2030. Bean had acquired the 302-unit property in 2017 from Pro Residential for $21.3 million.

Completed in phases between 1959 and 1971, the community is located at 2802 E. Osborn Road. The property is within 1 mile of the East Indian School Road retail corridor, some 6 miles northeast of downtown Phoenix. The Osborn is close to a number of other multifamily assets: Yardi Matrix shows that nearly 3,000 units are less than 1 mile away.

The Osborn has studio, one- and two-bedroom units, with floorplans ranging from 475 to 1,000 square feet in 29 two-story buildings. Common-area amenities include three pools, a playground, a business center and three laundry facilities.

In June, JLL secured $185.6 million in Freddie Mac financing for a 1,439-unit portfolio in Phoenix’s southeastern suburbs. The non-recourse loans bear a floating interest rate and mature in 2027.