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| Riata Apartments, 100 North Hearthstone Way, Chandler, AZ |
SAN DIEGO, CA – JLL Capital Markets announced it has arranged $43 million in acquisition financing for the 300-unit, luxury Riata Apartments in Chandler, Arizona.
JLL worked on
behalf of the buyer, EPI Limited Partnership, to secure the 25-year, 2.43%
fixed-rate, fully amortizing life insurance company loan.
The
JLL Capital Markets team representing the borrower was led by Managing Director
Zach Koucos, and Director Tim Brousse.
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| Zach Koucos |
Comprising 266,874 rentable square feet and completed in January 2020, the Class A Riata Apartments consist of studio, one- and two-bedroom units.
Units boast a contemporary style and contain
luxury finishes on countertops, backsplashes, cabinets, kitchen islands (in
select units) and wood-style flooring.
Community amenities
include a resort-style pool and spa, clubhouse, billiards table, arcade games
and business center.
The apartments are
located at 100 N. Hearthstone Way in Chandler, just southeast of Phoenix, and
within walking distance to over 2.5 million square feet of retail, dining and
entertainment, including the Chandler Fashion Center.
The Riata Apartments are also situated near
the Price Road Corridor, a major technology, medical and financial services
employment hub.
Given its centralized location, the
apartments appeal to residents seeking a generous balance of live-work-play.
The property was 92% leased at the time of closing.
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| Tim Brousse |
“Riata is an excellent acquisition for EPI and we are grateful they entrusted us to arrange the new financing,” Koucos stated. “This attractive 25-year fixed rate, non-recourse loan is a testament to the strength of sponsorship and quality of the asset in a capital marketplace that is still rather fragmented.”
CONTACT:
Natalie Passarelli
Public Relations
Jones Lang LaSalle Americas, Inc.
200 E. Randolph St.
Chicago, IL 60601
M +1 224 477 7307
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