Artemis Realty Capital has funded the preferred equity for the $16,675,000 purchase of Trails at Harris Apartments, a 209-unit community in Mesa, Arizona located right on hwy 60, providing easy access to Mesa’s employment corridor. The permanent debt was placed by Brandon Harrington and Matt Steffen at Walker & Dunlop.
Transaction and Property Highlights
Trails at Harris is a two-story, garden-style apartment community built in 1983, comprised of 209 units. The mix is approximately 54% one-bedroom and 46% two-bedroom units averaging 742 sqft/unit. At the time of acquisition, Trails at Harris was 96% occupied.
The community is located right off highway 60 in a quiet neighborhood within walking distance of two elementary schools and the 16.2 acre Emerald Park.
The sponsor is a Canadian based, repeat sponsor, who has successfully closed three additional multi-family communities of similar size with Artemis.
|Artemis Preferred Equity:
Artemis successfully funded 90% of the equity requirement for Trails at Harris, including the funds for acquisition and capital expenditures.
When analyzing the opportunity at Trails at Harris, the sponsor and Artemis identified three areas of opportunity to add value:
Artemis and the sponsor have identified a timeline to stabilize and complete the washer and dryer installations of roughly one year. Upon stabilization, the asset will be listed for a projected return that is expected to be low risk with high reward.