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Phoenix & Southwest  + Phoenix  + Finance  |  August 31, 2021
Sunflower
Lisa Brown
By: Lisa Brown

InTrust Plans to Upgrade All Units After Multifamily Buy

A $29.36 million loan was recently secured for the acquisition of Sunflower and Veranda Apartments in Glendale, AZ. The loan will provide funding for the future capital improvements and renovation of the asset. It was structured with a three-year term with two one-year extensions.

Upon acquisition, InTrust plans to upgrade all units to include stainless steel appliances, new cabinetry and quartz countertops. Shaun Moothart, Bob Ybarra, Bruce Francis and Doug Birrell of CBRE arranged the loan on behalf of the buyer, InTrust Property Group, a Newport Beach-based multifamily investment firm.

“InTrust saw this off-market deal as another great value-add opportunity to make significant improvements,” said Moothart. “The property presented a clear path to upside by executing a targeted and proven renovation program.”

Located at 6015 and 5959 West Olive Ave., the gated multifamily properties total 208 units ranging from 450 to 1,150 square feet. The properties are situated near Glendale Community College, Saguaro Ranch Park and Glendale library.

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Inside The Story

Shaun Moothart

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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