JLL Capital Markets announced today that it has arranged $43 million in acquisition financing for the 300-unit, luxury Riata Apartments in Chandler, Arizona.
JLL worked on behalf of the buyer, EPI Limited Partnership, to secure the 25-year, 2.43% fixed-rate, fully amortizing life insurance company loan.
Comprising 266,874 rentable square feet and completed in January 2020, the Class A Riata Apartments consist of studio, one- and two-bedroom units. Units boast a contemporary style and contain luxury finishes on countertops, backsplashes, cabinets, kitchen islands (in select units) and wood-style flooring. Community amenities include a resort-style pool and spa, clubhouse, billiards table, arcade games and business center.
The apartments are located at 100 N. Hearthstone Way in Chandler, just southeast of Phoenix, and within walking distance to over 2.5 million square feet of retail, dining and entertainment, including the Chandler Fashion Center. The Riata Apartments are also situated near the Price Road Corridor, a major technology, medical and financial services employment hub. Given its centralized location, the apartments appeal to residents seeking a generous balance of live-work-play. The property was 92% leased at the time of closing.
The JLL Capital Markets team representing the borrower was led by Managing Director Zach Koucos, and Director Tim Brousse.
“Riata is an excellent acquisition for EPI and we are grateful they entrusted us to arrange the new financing,” Koucos stated. “This attractive 25-year fixed rate, non-recourse loan is a testament to the strength of sponsorship and quality of the asset in a capital marketplace that is still rather fragmented.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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