“CVG has performed flawlessly on their execution since they purchased the property in 2014,” said Eisendrath. “With the success of their business plan and the tremendous amount of rent growth in Phoenix, we were able to procure a cash-out refinance that returned over $35 million of equity back to the partnership.”
“We plan to invest over $4 million into the property in the common area amenities, building exteriors and interior unit renovations. The refinance proceeds will fund the property improvements and return more than 260 percent of investors’ original capital,” said a representative of CVG. “The property offers significant long-term rent growth while the planned redevelopment of the over 100-acre Paradise Valley mall nearby into a high-end mixed-use destination with retail, dining, luxury apartment units, and Class- A office spaces offers even further potential.”
The 10-year fixed-rate loan has an interest rate of 3.11 percent and was arranged through IPA’s Strategic Alliance with M&T Realty Capital Corporation. The two-story property was built in 1985 and is in an irreplaceable north Phoenix location near green spaces such as parks, golf courses and hiking trails, and has easy access to downtown Phoenix and the surrounding suburbs. The property also includes amenities such as a 24-hour fitness center, resort-style swimming pools, controlled access, a spa and hot tub, and a host of others. Additionally, each apartment unit comes with a washer and dryer, new appliances and carpeting, as well as access to a BBQ and outdoor areas.
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