Phoenix Community Sells for $25M

Investors Capital Group financed the purchase of the 184-unit Class B multifamily asset through a Fannie Mae line of credit originated by Berkadia.
Greentree Apartment Homes

The Lynd Co. has sold the Greentree Apartment Homes, a 184-unit Class B community north of Phoenix, to Investors Capital Group for $24.5 million, according to Yardi Matrix. The buyer funded the acquisition by drawing on a $97.9 million Fannie Mae line of credit through Berkadia.

Earlier in March, Berkadia represented FPA Multifamily in the $71.5 million disposition of a 386-unit property near Seattle.

Located at 5959 W. Greenway Road in Glendale, Ariz., Greentree’s nine two-story buildings are less than 20 miles north of central Phoenix, accessible via Interstate 17, 4 miles to the east. The Bell Road retail corridor is a short distance away, with a variety of shopping and dining options, including a Walmart Supercenter. A bus station is next door to the asset, providing access to the wider metro area.

Greentree contains one- and two-bedroom units, with apartment floorplans ranging from 570- to 900-square-foot configurations. Community amenities include a spa, a clubhouse, a fitness center, a swimming pool, laundry facilities and covered parking spaces. In January, the property was 96.2 percent occupied, per Yardi Matrix data. The new owner selected Avenue5 Residential to oversee management operations.

Image courtesy of Yardi Matrix