ARTEMIS FUNDS PREFERRED EQUITY FOR THE $8.750M ACQUISITION OF THE DESERT WIND APARTMENTS

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.

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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:

  • Buy Asset Below Current Market Pricing
  • Begin Renovations On Interior Units
  • Add Washers & Dryers

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