1 day ago
2
Empire Group of Companies, a starring Arizona-based existent property concern and improvement firm, has successfully recapitalized 3 of its single-family build-to-rent communities crossed the Phoenix metropolitan area. The institution closed span loans totaling implicit $144 cardinal with Arbor Realty Trust, Inc., retiring the operation indebtedness and the entirety of the $21 cardinal of outstanding preferred equity associated with each project. Those preferred equity investors were admitted into each task betwixt mid-2020 and aboriginal 2023, and earned an annualized existent wage of 10% per twelvemonth during the duration of their investment.
The recapitalization includes The Village astatine Camelback Park – $46.17 cardinal loan, closed May 27, The Village astatine Paseo de Luces – $61.89 cardinal loan, closed March 14, and The Village astatine Schnepf Farms – $36.11 cardinal loan, closed April 24.
“These palmy recapitalizations bespeak the continued spot of the build-to-rent plus people and reaffirm our committedness to delivering high-quality rental communities crossed Arizona,” said Randy Grudzinski, spouse astatine the Empire Group. “We’re arrogant to spouse with Arbor Realty arsenic we presumption these communities for semipermanent performance. Also, successful a clip wherever the gait of the for-sale marketplace successful multifamily is slow, it gives america large restitution to supply liquidity to our preferred equity investors.”
The Village astatine Camelback Park, a 194-unit gated single-family build-to-rent community, Village astatine Camelback Park sits astatine the northwest country of 112th Avenue and Camelback Road successful Phoenix. Spanning astir 17 acres, the single-story residences diagnostic one-, two-, and three-bedroom layouts from 680 to 1,282 quadrate feet, with backstage backyards, smart-home technology, and afloat equipped kitchens. The assemblage offers resort-style amenities including a swimming excavation with jacuzzi, 24-hour fittingness center, clubhouse, canine parkland and spa, EV charging, and idiosyncratic garages—all wrong 1.5 miles of Loop 101 and minutes from the Camelback Ranch shot complex.
The Village astatine Paseo de Luces, located conscionable eastbound of the northeast country of 99th Avenue and Van Buren Street successful Tolleson, Arizona, The Village astatine Paseo de Luces consists of 272 single-story units crossed astir 22 acres. Offering one-, two-, and three-bedroom level plans ranging from 680 to 1,282 quadrate feet, the assemblage combines abstraction and privateness with the convenience of rental living. Positioned a fractional mile southbound of the I-10 and with casual entree to Loops 101, 202, and 303, the determination is perfect for residents commuting crossed the West Valley.
The Village astatine Schnepf Farms, the Village astatine Schnepf Farms is simply a 144-unit gated build-to-rent assemblage located astatine the northwest country of Rittenhouse and Cloud Roads successful Queen Creek, Arizona. The astir 13-acre improvement features one-, two-, and three-bedroom single-family units with level plans ranging from 680 to 1,282 quadrate feet. Situated adjacent to the iconic Schnepf Farms agritainment destination and astatine the gateway to the fast-growing San Tan Valley, the assemblage offers a unsocial blend of agrarian charm and modern living.
The Empire Group continues to pb successful the improvement of single-family build-to-rent communities crossed the Southwest, with a robust pipeline of projects successful assorted stages of improvement passim Arizona and beyond.
The station $144M Recapitalization Completed crossed Three Phoenix Build-to-Rent Communities appeared archetypal connected Greater Phoenix In Business Magazine.
