Berkadia announces it has arranged a loan for the acquisition of Indigo Springs, a 240-unit value-add apartment community located in Mesa, Arizona. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office secured a $38.27 million loan on behalf the sponsor, Taurus Investment Holdings, a global real estate private equity firm.
Berkadia originated, and Freddie Mac purchased, the 7-year, floating-rate loan.
“This is a rare value-add opportunity in the southeast Valley, at the epicenter of significant new economic development and job growth in the Mesa and Gilbert areas,” said Robbins. “Furthermore, Indigo Springs is one of only 10 apartments built in this submarket over the past 20 years, and the new owner has the opportunity to complete a renovation program initiated by the previous owner.”
Built in 2000, Indigo Springs is located at 1464 South Stapley Drive and consists of 15 two-story buildings on 9.8 acres. The property features one- and two-bedroom floor plans ranging in size from 724 square feet to 1,046 square feet, with spacious floor plans, central air/heat, fully equipped kitchens, large closets, private patio or balcony, and washer/dryer included. Community amenities include two pools and a spa/hot tub, a clubhouse with business center, fitness center and package receiving area, and covered parking available.
“Phoenix continues to be a focus market for Taurus in the western United States. We remain committed to expanding our presence in the market in 2021. We believe Phoenix will continue to be an attractive destination for new residents and companies, especially those that are considering a move from high-cost coastal markets,” said Max Dorsch, Acquisitions Director of Taurus. This is Taurus’ second acquisition in the last 6 months in the Phoenix market. In August 2020, Taurus purchased Avenel on 16th.
The property is ideally located 25 minutes from Phoenix, between the downtowns of Mesa and Gilbert in a highly visible location just north of the U.S. 60 (Superstition Freeway) and Stapley Drive on-ramp / off-ramps. The U.S. 60 provides for immediate accessibility to the Loop 101 (Price Freeway) and Loop 202 (Red Mountain Freeway), resulting in uninterrupted reach to the prominent downtown employment hubs of Mesa, Tempe, Gilbert, Chandler, and Phoenix.