Nonprofit Pays $20 Mil For Bay Club

PHOENIX-The Denver-based Rocky Mountain Mutual Housing Association has paid$20.25 million for the 420-unit Bay Club Apartments in north Phoenix. It marked the first Phoenix purchase for the nonprofit group, which creates and preserves affordable housing.

The group opened a Phoenix office in early 2001.

Financing for the lakeside property came through a number of loans. The city of Phoenix issued Industrial Development 501(c)(3) bonds as well as general obligation bonds. The city also made a direct IDA loan. In addition, financing was provided by the Arizona HOME Fund. Catholic Healthcare West and the Housing Partnership Fund also provided pre-development financing.

The Bay Club sits on a 12.6-acre site at 11050 N. Biltmore Dr. It includes 21 three-story buildings. The project include 78 studios, 201 one-bedrooms, and 141 two-bedrooms. They range in size form 335 to 900 sf.

Amenities include the lakeside setting, mature landscaping, swimming pools and spas, a large clubhouse, a children’s playground, barbecues areas, fitness center and lighted fitness trail.

”This acquisition marks the beginning of what I believe will be a long-term and important commitment by the Mutual to address the critical and growing need for affordable housing in our Arizona communities,” says Gloria Munoz, who has more than 19 years of affordable housing development and manages the Mutual’s Arizona office.

She says 46% of Arizona renters pay more than 30% of their income for the rent, the third-highest percentage after Louisiana and California.

In addition to the Arizona property, the Mutual owns and manages eight properties in Colorado and tow in Utah.