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InTrust Properties is converting the 1973-era Low Income Housing Tax Credit Community to a market-rate property. They say it will take three years to change the designation from Section 8 housing to a market-rate property and complete the redo on The Residences of Central Phoenix. The 265-unit development is not far from Grand Canyon University and the MetroCenter Mall, which is in the process of getting a $750 million revamp.
InTrust Properties paid $63 million for the property. A Northmarq team, led by Trevor Koskovich represented the seller, Renue Properties, and Northmarq’s Joe Giordani financed the acquisition with a $50.8 million bridge loan.
Before selling the property Renue invested $1.7 million into deferred maintenance which included roofs, HVAC, windows and exterior paint. The project was 98% leased at the time of the sale.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.