Two Phoenix Communities Receive $73M in Funding
Mesa West is taking advantage of a strong multifamily market in Phoenix.
Optima Sonoran Village
Phoenix—In two separate transactions, Mesa West Capital funded $73.3 million for two Phoenix, Ariz.-based multifamily properties.
First, it provided $49.8 million to a joint venture between Optima and DeBartolo Development to refinance Optima Sonoran Village, a 206-unit Class A community in Old Town Scottsdale.
Mesa West also provided $23.5 million to a joint venture led by Sunroad Enterprises to finance the acquisition of Sonoma Ridge Apartments, a 240-unit community in the suburb of Peoria.
“Mesa West is focused on lending on high quality, well-located assets to strong sponsors,” Jason Bressler, Mesa West’s vice president, told MHN. “Each of these deals fits that thesis.”
Located at 6895 East Camelback Road, Optima Sonoran Village features condominium level finishes such as granite countertops, stainless steel appliances, and in-unit washer and dryer. It shares a 19,000-square-foot resident club with indoor basketball and racquetball courts, fitness center, indoor pool and spa and fully equipped locker rooms. The property also includes two outdoor pools, putting greens, fire pits, picnic area and dog park.
Optima Sonoran Village is located across from the two-million-square-foot Scottsdale Fashion Square.
“It has great location in downtown Scottsdale adjacent to strong amenities,” Bressler said. “It’s newly constructed condo-quality and already achieving some of the highest rents in the market.”
Located at 8201 W. Beardsley Road, Sonoma Ridge features 18 two-story buildings on a 14.7-acre site, and offers a mix of one-, two- and three bedroom units. Amenities include a clubhouse, resort-style pool, resident business center, picnic areas, fitness center and racquetball court.
According to Bressler, a multi-million capital improvement program that will include significant interior unit, exterior and amenity renovations will help the sponsor capture premiums on the current below-market rents at the property
“Phoenix is a strong multifamily market where demand continues to surge,” Bressler said. “We expect that to continue as the market benefits from additional job growth.”
