Dobson Station Apartments
Private credit strategy has the potential to generate returns similar to equity investments but with lower leverage and reduced last-dollar risk.
Property Type
Multifamily
Investment Type
Credit/Lending
Brand
Date of Investment
June 2023
Location
Mesa, AZ (Phoenix MSA)
Keys
Units
245
Square Footage
Loan Type
Loan to Value
53%
Loan to Cost
69%
Total Origination
Strong Market
Phoenix, with a diversified employment base, remains one of the nation's best-performing markets for employment growth. Mesa achieved some of the strongest cumulative rent gains in the market over the last five years, with the relative affordability of housing being one of the submarket's key advantages.
Experienced Sponsor
The Sponsor has raised and deployed over $1.5B in acquisitions over 150 assets and has achieved above-market returns since its inception. It has over $1.0B in assets under management with a mix of multifamily, industrial, office and mixed-use.
Strong Basis
New build assets have sold for an estimated average value of $360K/unit. This represents an 60% premium to loan basis ($212K/unit).
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