KB Investment Receives Loan to Buy Phoenix-Area Apartment Complex
Mesa West Capital has provided KB Investment and Development Company with $108 million in first mortgage debt for the acquisition of a 328-unit multifamily property in Phoenix.
The five-year, floating rate loan is secured by Skywater at Town Lake in the Phoenix suburb, Tempe. Built in 2015, the five-acre property is the site of five four-story elevator-served buildings. Skywater was 96.6% leased at the close of the transaction.
The property is located near Arizona State University, home to 54,000 students. The development is also within walking distance to the Mill Avenue Entertainment District. Amenities include a roof-top clubhouse with full kitchen, pool tables, two-story fitness center and Peloton bikes.
Mesa West’s Brian Hirsh said the metrics worked out in favor of the deal, “Rent growth has accelerated at a historic pace in the submarket as vacancy rates compressed to their lowest level in a decade.”
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