 100vw, 300px”/>San Fernando. Image courtesy of ReNUE Properties</p>
<p><strong>ReNUE Properties</strong> has sold its seven-property affordable housing portfolio, making for one of the largest affordable housing transactions in Arizona’s history. The firm sold the portfolio of metro Phoenix communities to <strong>Starwood Real Estate Income Trust</strong> for $345 million. <strong>CBRE</strong>‘s Jeff Kunitz and his team facilitated the transaction.</p>
<p>The portfolio totals 1,462 units, where a majority of the units are affordable since only 142 are market-rate, Michael Christiansen, president & CEO of ReNUE Properties, told Multi-Housing News. The portfolio includes the 196-unit Desert Eagle community in Glendale and the 152-unit Lake Pleasant community in Peoria. The portfolio also has three communities in Mesa, the 276-unit Village at Sun Valley, 174-unit Tierra Antigua and the 264-unit San Fernando. The remaining two communities, the 200-unit Bella Vista and the 200-unit ReNUE Downtown, are both located in Phoenix.</p>
<p>Christiansen told MHN that ReNUE Properties assembled this portfolio over the past four years, except for Bella Vista since it was acquired in 2011. The firm acquired the other Phoenix community, ReNUE Downtown, in September 2019 for $26.1 million, when it was known as Legacy Bungalow. Both Bella Vista and ReNUE Downtown are expected to close by the end of the month, pending regulatory approvals, while the five other communities have already closed. Christiansen also told MHN that the portfolio’s occupancy rate was 99.2 percent upon closing.</p>
<h2>TAKING A TEMPORARY STEP BACK</h2>
<p><img data-attachment-id=)
Trending
- Amid Tucson housing shortage, Airbnbs fill up whole apartment buildings | Subscriber
- Las Vegas 100, Phoenix 80
- Soccer Photo Gallery – White House Heritage at Page, Class AA Sectional | multimedia
- Better weather conditions aid crews working New Mexico fires
- Volunteer feeds and greets migrants at ‘Yuma Gap’
- Popular Bliss ReBAR in downtown Phoenix closing on May 22
- Tucson veteran receives new Habitat for Humanity home | local news
- All you need to know about visiting Petrified Forest National Park
- Your guide to after parties and events
- 4 Ways You’ll Know if Vikings Successfully Turn Page on Zimmer Era
Comments are closed.