Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 04 February 2020

Triumph Properties Buys Phoenix Apartments for $49.5Mln

Written by 
Rate this item
(0 votes)

Triumph Properties Group has paid $49.5 million, or $160,714/unit, for the 308-unit Deer Creek Village apartments in Phoenix.

The Beverly Hills, Calif., property investor bought the complex from the William Lloyd Davis Living Trust, which had owned it since 1997.

The recent acquisition was financed with a $39.6 million loan provided by Savoy Holdings of Denver, according to records on the Maricopa County, Ariz., recorder's office database. Full details of the loan were not available. Triumph's purchase defeased a five-year, $14 million Freddie Mac loan provided by Berkadia in August 2016 that was securitized through FREMF, 2017-K724.

Deer Creek Village, at 20244 North 31st Ave., was 95 percent occupied in 2018, according to servicer data compiled by Trepp LLC. It generated $1.8 million of net operating income that year, the most recent data that's available.

The property, built in 1985, has one- and two-bedroom units and includes three swimming pools, a playground and fitness center. It sits on 11 acres about 18 miles north of downtown Phoenix. Triumph plans to renovate unit interiors, along with the property's common areas.

Triumph targets mostly value-add opportunities in multifamily, seniors-housing and retail properties in West Coast markets. It owns 2,158 units in 14 apartment properties, plus about 1 million square feet of retail and mixed-use space.

Comments? E-mail Jim Boyle, or call him at (267) 247-0114.


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Cities: Phoenix
  • States: Arizona
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $25 million and $50 million
  • Private: No
Read 599 times

Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds