PHOENIX-Business Real Estate Weekly of Arizona reports that Deco Communities LLC, based in Scottsdale, AZ, has begun an expansion push in the area, recently closing on 347 units for a combined $18 million. The buyer now owns the 180-unit Squaw Peak apartments in Phoenix and the 167-unit Hyde Park apartments in Tempe, AZ, with plans to rebrand these multifamily properties under it Cabana name.
The complexes were sold by TGM Realty Partners in New York, NY. Deco Communities joined forces with local investor Wayne Howard to buy Squaw Peak apartments, at 1829 E. Morten Ave. The multifamily property will be renamed Cabana at the Pointe. The buying entity, operating under the name Cornerstone-Deco Squaw Peak LLC, bought the asset with $5.9 million in financing from Alliance Bank of Arizona.
Meanwhile, in Tempe, Deco Communities collaborated with another local, Michael Lieb, to form HV-Deco Hyde Park LLC and acquire Hyde Park apartments at 5101 S. Mill Ave. The asset, paid for with a $6.4 million loan, also from Alliance Bank, will be called Cabana on Mill. Bert Kempfert of CBREin Phoenix negotiated both sales.