PHOENIX-The city’s first mutual housing project clears final hurdles as Rocky Mountain Mutual Housing Association closes on the $17.3-million takeover of the 420-unit Bay Club Apartments in Phoenix’s MetroCenter submarket. The project, ticketed for rehabilitation, guarantees 168 units for affordable housing.

Tyler Anderson and Sean Cunningham, both senior vice presidents of CB Richard Ellis Inc.’s Phoenix office, represented the seller, Equity Residential Properties Trust of Chicago. Brad Pickering of Crown West Commercial Real Estate of Phoenix acted on the buyer’s behalf. The 26-year-old complex at 11050 N. Biltmore Dr. was one of 63 properties, totaling 17,697 units, in Equity’s Arizona portfolio.

The final closing was a high-profile deal made possible through public and private financing. Rocky Mountain Mutual Housing received $850,000 from a $33.7-million city bond sale, of which $5 million was set aside for nonprofit organizations promoting affordable housing projects in the region. Under the city loan terms, Rocky Mountain Mutual Housing Association will repay the 35-year financing at a rate of about 5.50% interest.

The balance of the acquisition cost was financed through HUD’s Ginnie Mae program; a private loan for nearly $1.3 million; $250,000 from the Phoenix Industrial Development Authority direct loan program; $500,000 in state housing funds; and $55,680 in developer funds. The public financing guarantees 168 units will be reserved for households falling 60% below the median-income level.

The Bay Club purchaser is a Denver-based nonprofit advocacy organization founded in 1992 to develop affordable housing projects. Rocky Mountain Mutual Housing owns or manages nearly 2,000 units in Arizona, Colorado and Utah. Its residents earn from $7 to $20 per hour. Mutual housing complexes provide a voice in management and regulations to residents, who pay monthly housing charges instead of rent.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.