PHOENIX-Banc of America Community Development Corp., a subsidiary of Bank of America, has acquired the 288-unit Paradise Club Apartments in the Palomino neighborhood, using $11.3 million from its parent for acquisition and rehabilitation financing.

Paradise Club Apartments at 2825 E. Marconi Ave. is the community development subsidiary’s first acquisition in the Valley although it’s completed work on more than 24,000 affordable housing and mixed-income rental units in the US. The group has offices in 12 cities.

BofA says Paradise Club will remain affordable to residents earning 80% or less of the area’s median income of $26,200. The complex was built more than 20 years ago as condominiums. The property has since been converted to rental apartments and is about 90% occupied. All units are two bedrooms and range from 1,064 sf to 1,165 sf with an average monthly rent of $658. According to Benito Almanza, president of Bank of America Arizona, Paradise Club will undergo property improvement and repairs, which are expected to cost nearly $7,000 per unit.

Greg Hettrick, a senior equity manager based in Dallas, closed the transaction for the bank and will lead the property’s redevelopment. Lincoln Property Co. will provide onsite management.

Earlier this year, Bank of America announced a 10-year, $750-billion goal for community development lending and investing across its coast-to-coast franchise. It has loaned and invested more than $4 billion in the Phoenix area for community development since 1999.

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?


© 2024 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 © 2024 ALM Global, LLC. All Rights Reserved.