Chicago-based 29th Street Capital has acquired Solaire at Scottsdale, a 124-unit multifamily community in Tempe, Ariz., for $28.3 million, Yardi Matrix data shows. The buyer received a $17.7 million acquisition loan from Freddie Mac, secured by Gantry.
PAM Real Estate Group sold the asset. It last traded in 2014 for $12.4 million, the same source shows.
The five-year, fixed-rate loan features interest-only payments for three years and then transitions to a 35-year amortization schedule. Principal Adam Parker and Senior Associate Chad Metzger from Gantry’s Phoenix production office arranged the financing.
The new owner plans to upgrade the property. The apartments will receive a smart home package, which includes video doorbells, smart thermostats, smart locks and smart lighting, along with new stainless steel appliances and upgraded lighting and fixtures.
Completed in 1963, the community encompasses 31 two-story buildings with two-bedroom floorplans. Common-area amenities include two swimming pools, a playground, barbecue grills, package lockers, laundry facilities and approximately 203 parking spaces.
Solaire at Scottsdale is in Phoenix’s North Tempe submarket, at 801 E. McKellips Road. Nearby amenities include dining options, retail and green spaces. Arizona State University, Phoenix Zoo and Phoenix Sky Harbor International Airport are within a 5-mile radius from the community.
This is Gantry’s second loan on behalf of 29th Street this year, following a $41.6 million refinancing loan for Lunaire Apartments in Goodyear, Ariz. The company recently secured two permanent, construction take-out loans, totaling $25.4 million, for self storage facilities located in the Bay Area.
