$43M in acquisition financing arranged for Riata Apartments

JLL Capital Markets secured the acquisition loan for the newly constructed luxury apartments in Chandler, Arizona  

SAN DIEGO, CA – JLL Capital Markets announced today that 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.  

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.

The JLL Capital Markets team representing the borrower was led by Managing Director Zach Koucos, and Director 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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.




Home Matters® to Arizona Announces $1.2 Million in Affordable Housing Grants for Projects in Tucson, Flagstaff and Phoenix

Arizona Health Care Leaders Addressing Social Determinants of Health

PHOENIX ARIZONA – Home Matters to Arizona, which is planning a $100 million fund over two years to finance affordable housing projects in Arizona, announces its first award recipients that will receive a total of $1.2 million.

“Home Matters to Arizona is honored to fund these projects across Arizona, which will serve people experiencing homelessness, individuals living with mental illness, domestic violence survivors and low-income families and be located near resources that improve social determinants of health throughout Arizona,” said Lorry Bottrill, Chief Executive Officer, Mercy Care and Home Matters Arizona Governance Fund chair.

Home Matters® Arizona Fund is prioritizing and funding promising projects throughout the state that are positioned to demonstrate measurable and positive outcomes focused on specific populations, geographic areas and the community at-large. The fund addresses Arizona’s rising affordability crisis while paying much-needed attention to the role of housing justice for underrepresented families and communities. Home Matters® Arizona Fund will invest in projects that serve individuals and families with low to moderate income, veterans, seniors, people who are homeless, people with disabilities, individuals involved with the justice system and those eligible for Arizona Health Care Cost Containment System (AHCCCS) support. Founding Home Matters Arizona Fund include Arizona Complete Health, Banner – University Health Plan, Care1st Health Plan Arizona, Health Choice Arizona, Magellan Complete Care of Arizona, Mercy Care, The NARBHA Institute and UnitedHealthcare.

Home Matters to Arizona is born from a collaboration of the Arizona Association of Health Plans, whose member companies contract with the State’s Medicaid program to serve the health care needs of Arizona’s most vulnerable citizens. The fund seeks projects that align with the values established by the

The award recipients: La Frontera Partners, Inc. for the 100-unit Center of Hope Apartments in Pima County; Northern Arizona Housing Solutions for the 13-unit Sharon Manor Renovation & Expansion Project in Coconino County; and Trellis for the 43-unit Trellis @ Mission in Maricopa County.

La Frontera Partners, Inc. (Center of Hope Apartments)
4554 South Palo Verde Road, Tucson
Total Development Cost: $12.6 million
Grant Amount: $500,000
Units: 100
Construction began in September 2020

The Center of Hope Apartments Project is to be located within the Center of Opportunity campus being developed by the HS Lopez Family Foundation, which includes three phases:

  • Phase I: a 150-bed shelter by Gospel Rescue Mission
  • Phase II: a medical clinic, multi-agency use office building for supportive services, a job training center, and a small park
  • Phase III: Center of Hope Apartments – a Permanent Supportive Housing Project to be developed by La Frontera Partners, Inc.

Center of Hope Apartments will provide apartments for priority populations including people experiencing homelessness and persons living with a serious mental illness. There will be on-site supportive services provided by La Frontera Center, Inc. and other community partners.

Northern Arizona Housing Solutions (Sharon Manor Renovation & Expansion Project)
2303 N. Izabel St., Flagstaff
Total Development Cost: $1.5 million
Grant Amount: $300,000
Units: 13
Construction began in October 2020


The Sharon Manor Renovation & Expansion Project consists of an addition of a second story, with four 2-bedroom apartments and one 1-bedroom apartment to the existing single-story communal living facility. The project also involves renovation of the existing bottom floor to convert spaces into independent studio apartments with exterior entrances, private bathrooms and kitchenettes.
Sharon Manor is an existing transitional housing complex that has served the complex and changing needs of domestic violence survivors since 1999. It focuses on trauma- informed care, survivor-centered philosophy where survivors are empowered to engage with services on site, provide feedback and direct their program.

Trellis (Trellis @ Mission)
619 W. Mission Lane, Phoenix
Total Development Cost: $10.7 million
Grant Amount: $400,000
Units: 43
Construction expected to begin in December 2020


Trellis @ Mission is a new construction affordable housing community that will serve low-income family households in Phoenix’s Sunnyslope neighborhood. Through an equity/rental credit arrangement, tenants will accumulate value over time toward an eventual opportunity to purchase their unit, with longer term tenants accruing even more value. This incentivizes residents to stay in place, which has the additional benefit of stabilizing the community as those tenants invest in their property, home, community, and neighborhood over time. Trellis @ Mission has the potential to catalyze wealth creation in these households with the effect of changing generations to come as well as resolving tremendous housing injustices.

Home Matters to Arizona is the first statewide initiative of Home Matters®, a national movement uniting America around home. The first phase of Home Matters to Arizona involves creating the new $100 million Home Matters Arizona Fund, leveraging government, philanthropy and national private investment. Initial grants are from health plans, the private half of the public-private partnership model that comprises the Arizona Health Care Cost Containment System (AHCCCS).  Future phases will focus on collaboratively building awareness and influencing standard practices for developing more affordable homes and better communities across Arizona. Learn more at HomeMattersArizona.com.




NAI Horizon negotiates $3.2M investment sale of Tucson self-storage facility, representing buyer

TUCSON, ARIZ. – NAI Horizon Senior Vice President Denise Nunez and Associate Victoria Filice represented the buyer in the $3.2 million investment sale of America’s Best Storage in Tucson, Arizona.

NAI Horizon represented the buyer, 535 Wilmot Investors LP of Phoenix. The seller was America’s Best Self Storage LLC of Tucson, AZ. The asset is located at 7475 E. Old Vail Road in Tucson.

“The buyer approached me with a 1031 Exchange that they wanted to trade into self-storage. The Nunez Self Storage Group was able to identify three self-storage properties that met their criteria,” Nunez said. “This one was an off-market deal and the second closing of a three-property purchase – all non-related sellers.”

America’s Best Storage totals 70,240 NRSF and 230 units. It features a mix of standard, drive-up units and covered and uncovered RV parking. It features small, medium and large self-storage units ranging from 25 SF to 720 SF. It is located off East Valencia and East Old Vail roads.

Nunez specializes in self-storage, offering localized expertise in Arizona and national representation working with NAI offices throughout the U.S.

To learn more, see RED Comp #8258.