ARTEMIS FUNDS PREFERRED EQUITY ON $16.70M PURCHASE OF TRAILS AT HARRIS APARTMENTS – 209 UNITS IN MESA, ARIZ.

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.

trails at harris

Transaction and Property Highlights 

 

The Asset:

                             

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 Location:

 

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:

 

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.

 

The Opportunity:

 

When analyzing the opportunity at Trails at Harris, the sponsor and Artemis identified three areas of opportunity to add value:

  • Add Washers & Dryers
  • Increase Rents to Market
  • Increase Utility Reimbursements to Market
Business Plan:

 

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.

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