Phoenix & Southwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Phoenix & Southwest  + Phoenix  + Apartments  | 
Skywater at Town Lake security for $108 million acquisition loan

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.”


Inside The Story

Brian Hirsh

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • Mark Ave Apartments

    Fallon, NVPhoenix & Southwest + 2-4 Units
    Listing Status:Available
    Listing Type:Call for offers
    No. of Units:4
    Cap Rate:4.49
    Average Occupancy:1000
    Year Built:1987
    Year Renovated:2023
    Building Size:3444 Sq ft
    Lot Size:0.18 Acres
    No. of Stories:1
    Zoning Code:R2
    Opportunity Zone:No
    Price per unit:$200,000
    Learn More
  • Riverside Suites

    Tucson, AZPhoenix & Southwest + Apartments
    Listing Status:Available
    Listing Type:Highest & best offer
    No. of Units:33
    Year Built:1968
    Building Size:28952 Sq ft
    Lot Size:2.37 Acres
    No. of Stories:1
    No. of Parking Spots:56
    Opportunity Zone:No
    Learn More
  • ◦Sale/Acquisition
New call-to-action
New call-to-action