Los Angeles, CA – May 19, 2016 – CBRE Capital Markets’ Debt & Structured Finance team secured a $53.5 million loan for the acquisition of Desert Horizon Apartments, a 514-unit apartment community located at 16636 North 58th Street in Scottsdale, Arizona.
CBRE worked on behalf of Weidner Apartment Homes to secure a 10-year fixed-rate acquisition loan. Financing was provided by Fannie Mae.
Troy Tegeler, Bethany Bailey and Trevor Breaux of CBRE’s Newport Beach office arranged the financing on behalf of the borrower.
Desert Horizon is a 514-unit garden-style apartment community located in the highly desirable North Scottsdale submarket. The project is well located with excellent visibility along Bell Road and is within close proximity to major employment corridors and the future Arizona Biomedical Corridor.
The property was developed in three phases between 1985 and 1988 on 22.5 acres and is comprised of one-, two- and three-bedroom units, with an average size of 902 square feet.
In 2015, the seller completed approximately $5.6 million in exterior and unit interior capital improvements, with approximately 77% of the apartments receiving some level of renovation. Project amenities include five swimming pools with sundecks, three spas, a clubhouse with billiards table, a coffee bar/kitchen, a 24-hour fitness center, covered parking, and barbeque and picnic areas.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
