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
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 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 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.
When analyzing the opportunity at Desert Winds, the sponsor and Artemis identified three areas of opportunity to add value: