NXT Capital has secured an acquisition loan in Tempe, Arizona. The firm has acquired the newly built Novel Rio, a 209-unit class-A apartment community in Tempe, Arizona.
Novel Rio is a short walk from Tempe Town Lake, near Downtown Tempe and Arizona State University. The property features a resort-style pool, dog park, pet washing stations, package lockers, cyber café, fully stocked bike/kayak room, three courtyards with greenspace and grilling areas, fitness center and a rooftop indoor-outdoor entertainment area with a kitchen, TV, firepit and grills. Completed in February 2019, Novel Rio was still in lease-up at the time of acquisition.
Brandon Harrington in the Phoenix office of JLL placed the loan with NXT Capital.
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