Scottsdale-based ReNUE Properties announced the official sale of its affordable housing portfolio to Starwood Real Estate Income Trust for $345 million. The deal, which includes seven properties across metropolitan Phoenix, is the largest affordable housing transaction in the state’s history.
The transaction, which will be executed in phases beginning with the closing of five properties on April 8 and an additional two before the end of the month, includes 1,462 apartment-style units. The sale will not affect current residents or rent rates, which are set by government regulatory bodies.
The properties that are part of the sale include:
- Desert Eagle, 6917 North 71st Ave., Glendale, AZ 85303 (196 units)
- Village at Sun Valley, 7520 East Billings St., Mesa, AZ 85207 (276 units)
- Tierra Antigua, 339 North 75th St., Mesa, AZ 85207 (174 units)
- Lake Pleasant, 20702 North Lake Pleasant Road, Peoria, AZ 85382 (152 units)
- San Fernando, 4150 East Main St., Mesa, AZ 85205 (264 units)
- Bella Vista, 3331 West Taylor St., Phoenix, AZ 85009 (200 units)
- ReNUE Downtown, 1350 West Van Buren St., Phoenix, AZ 85007 (200 units)
Bella Vista and Legacy Bungalow will close by April 30 pending regulatory approvals.
An active ReNUE Properties will continue its focus on acquiring and operating multi-family apartment buildings throughout Arizona.
Jeff Kunitz, Vice Chairman of CBRE Affordable Housing, and his team facilitated the execution of the transaction.
Founded in 2007, ReNUE Properties is an Arizona-based real estate investment firm specializing in acquiring and operating multi-family apartment buildings in the Southwestern U.S. market. Focused on acquiring larger 100-plus unit multi-family assets, the company prides itself on managing housing that creates a greater sense of community. As well, being green apartment operators, it strives to be the best in the industry by ensuring clean and safe communities. ReNUE currently has its entire apartment portfolio on market and or currently under contract. Once closed, this will result in over $1 billion dollars in transaction volume and over 6,000 units bought and sold over the past 12 years.
