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Tuesday, 04 February 2020

Triumph Properties Buys Phoenix Apartments for $49.5Mln

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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.



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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
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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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

 

RCA CPPI

 

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CMBS 2.0 Spreads

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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

 

 

 

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