Posted on September 21, 2020
Vancouver-based Western Wealth Capital acquired Villas de Azul, a 301-unit garden-style multifamily property in Phoenix from North Carolina-based Sterling Real Estate Partners for $33 million. The property is located at 2627 North 45th Ave.
Villas Azul feature a low-density site layout on over 17 acres with spacious one-, two-bedroom apartments and three-bedroom townhouse units. Community amenities include a swimming pool, a basketball court, a soccer field, a playground and laundry facilities.
Berkadia’s Ric Holway, Mark Forrester and Dan Cheyne represented the seller. Berkadia’s Clay Akiwenzie secured $26.4 million in financing for the acquisition of the property. The 10-year Freddie Mac loan features an 80% loan-to-purchase ratio, a five-year interest-only period and a 30-year amortization.
Akiwenzie notes, “It was the first 80% loan-to-purchase we have originated in several years and our teams’ first post-COVID acquisition financing.”