Closing represents twelfth transaction in Avanti’s portfolio recapitalization strategy in Arizona and Colorado
Newmark announces the recapitalization of Villas at Mountain Vista Ranch a 256-unit multifamily property located at 16630 North Reems Road in Surprise, Arizona. Sponsor, Denver-based Avanti Residential (Avanti), has brought on a new joint venture partner, Centennial State Capital, for the property. The transaction represents the twelfth property to close in Avanti’s recapitalization strategy, which spans Phoenix, Colorado Springs and Denver.
“This was another excellent execution with the Newmark team, delivering the capital necessary to allow the full repositioning of this property and maximize its potential,” said Christian Garner, President and CEO of Avanti. “Additionally, through this transaction, we have established a new relationship with Centennial State Capital, which we intend to grow over time.”
Avanti was represented by Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Managing Director Chris Canter of Newmark’s Multifamily Capital Markets group in the property recapitalizations. Newmark’s Multifamily Debt and Structured Finance experts Vice Chairman Sharon Karaffa, Executive Managing Director Charlie Williams and Senior Managing Director Tim Weldon worked to provide the property financing.
“We are extremely excited to close on the Villas at Mountain Vista Ranch in Phoenix,” said Mark Henderson, Partner and CEO of Denver-based Centennial State Capital. “We continue to focus on thriving cities in prospering states and this 256-unit property represents an exceptional opportunity for our investors.”
Villas at Mountain Ranch is located in the Surprise/Northwest submarket, which is home to one of the highest concentrations of healthcare employment in the Phoenix metro. Proximate to the US-60 and SR-303 freeways, the submarket is connected to Central Phoenix, the West Valley and the North Phoenix/Anthem submarkets and easily accessible to Arizona State University’s West Campus and the Westgate Entertainment District.
“The sale of Villas at Mountain Vista Ranch is emblematic of the strength of the Northwest Valley and the path of growth for Phoenix,” said Goff. “The Surprise/Northwest submarket has been one of the strongest performers in terms of rent growth and occupancy over the last few years. Job growth has been strong, and several new employers have relocated to the area.”