S2 Capital Pays $55M for Suburban Phoenix Apartments

Benefit Street Partners originated a $47.2 million loan for the purchase of the 408-unit community.
Eagle Crest. Image courtesy of Institutional Property Advisors

S2 Capital has completed the $55 million purchase of Eagle Crest, a 408-unit community in Glendale, Ariz. The company received a three-year, $47.2 million acquisition loan from Benefit Street Partners, Yardi Matrix data shows. A private family trust sold the asset, which had an occupancy rate of 97.1 percent as of August 2020.

Located on 16 acres at 6451 W. Bell Road, the property encompasses 41 buildings completed in 1987. The community has studio apartments, one- and two-bedroom floorplans, with sizes between 413 square feet and 835 square feet. The amenity package includes two swimming pools and spas, a gym, four laundry facilities, volleyball and basketball courts and a playground.

The property is proximate to the busy retail corridor at the intersection between Bell Road and North 59th Avenue and 2 miles from Macerich’s 1.2 million-square-foot Arrowhead Towne Center. Additionally, downtown Phoenix is 17 miles southeast of the community.

Institutional Property Advisors Executive Managing Directors Cliff David and Steve Gebing, along with Marcus & Millichap Senior Vice President Marty Cohan assisted the seller and sourced the buyer. Last month, Gebing and David facilitated the $117.5 million sale of Onnix, a 659-unit property in Tempe, Ariz. The brokerage represented the seller, Bridge Investment Group, and identified the buyer, Western Wealth Capital.