Phoenix-Area Property Changes Hands for $12M

Dougherty Mortgage originated a $9.5 million Fannie Mae loan for the acquisition of the 120-unit Tuscano Village in Glendale.
Tuscano Village

A Texas-based investor has sold the 120-unit Tuscano Village in Glendale, Ariz., for $11.6 million to a Florida-based investor. The buyer financed the acquisition through a $9.5 million Fannie Mae loan originated by Dougherty Mortgage, according to Maricopa county records.

Located at 6816 W. Bethany Home Road on 9.8 acres, the property consists of two- and three-bedroom apartments in 31 one-story buildings. Units offer private balconies and patios, private entry and outside storage. The asset is situated in a dense residential area, a little more than 20 miles from downtown Phoenix. Tuscano Village was 98.3 percent occupied as of January, per Yardi Matrix data.

“The ongoing revitalization of the neighborhood, drawing from Westgate Entertainment District to the west and the Loop 202 South Mountain Freeway expansion to the south, also contributed to its attractiveness,” said Doug Lazovick, partner at ABI Multifamily, in prepared remarks. “Finally, the seller did an excellent job of renovating several of the unit interiors, giving a solid road map of the property’s potential.”

ABI Multifamily Senior Managing Partners John Kobierowski, Alon Shnitzer and Rue Bax and Partners Eddie Chang and Doug Lazovick represented the seller. Last December, ABI represented the seller in the $32 million sale of a north Phoenix community.

Image courtesy of ABI Multifamily