PHOENIX — Tauro Capital Advisors has secured a $15 million acquisition loan for a value-add multifamily community in Phoenix.
Patrick O’Donnell of Tauro Capital’s Scottsdale office negotiated the financing . Karl Abert and Bret Zinn of Kidder Mathews represented the buyer, Summit on Thomas, while Bill Hahn of Northmarq represented the seller, Rise Thomas LLC (Rise48 Equity), in the acquisition.
The two-story apartment complex is located at 2735 E . Thomas Road. Formerly Rise on Thomas, the community has been rebranded to Summit on Thomas. The purchase price was $21 million.
Built in 1967, 44 of 100 units were renovated at time of sale. The property features two pool areas with built-in barbecues, two workout rooms and communal patio space. Future plans include renovating the remaining 56 units and continuing improvements across the common areas. All units will have in-unit washers/dryers once renovations are complete.