Artemis Realty Capital has funded the preferred equity for the $8,750,000 purchase of Desert Wind Apartments, a 216-unit community in Phoenix, Arizona located on the NWC corner of McDowell and 41st avenue. The permanent debt was placed by Brandon Harrington and Matt Steffen at Walker & Dunlop and the selling broker was Cliff David and Steve Gebing of Marcus & Millichap.
Transaction and Property Highlights
| The Asset:
Desert Winds is a two-story, garden-style apartment community built in 1987, comprised of 216 units. The mix is approximately 60% one-bedroom and 40% two-bedroom units averaging 636 sqft/unit. At the time of acquisition, Desert Winds was 97% occupied. |
The Location:
The community is located on McDowell and 41st avenue, directly south of an elementary school and one block east of two grocery tenant-anchored shopping centers. |
| The Sponsor:
The sponsor is Canadian based and has successfully closed four additional multi-family communities with Artemis. |
Artemis Preferred Equity:
Artemis successfully funded the equity requirement for Desert Winds including the funds for acquisition and capital expenditures. |
| The Opportunity:
When analyzing the opportunity at Desert Winds, the sponsor and Artemis identified three areas of opportunity to add value:
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