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$17.3-Mil Sale of 420-Unit Bay Club Now Official

PHOENIX-The Equity sale to Rocky Mountain Mutual Housing closes at last, giving Phoenix its first such project. The 420-unit Bay Club, bought through public-private money, will undergo a rehabilitation and 168 units turned over for affordable housing.

By Connie Gore | Updated on November 13, 2001

PHOENIX-The city’s first mutual housing project clears final hurdles as Rocky Mountain Mutual Housing Association closes on the $17.3-million takeover of the 420-unit Bay Club Apartments in Phoenix’s MetroCenter submarket. The project, ticketed for rehabilitation, guarantees 168 units for affordable housing.

Tyler Anderson and Sean Cunningham, both senior vice presidents of CB Richard Ellis Inc.’s Phoenix office, represented the seller, Equity Residential Properties Trust of Chicago. Brad Pickering of Crown West Commercial Real Estate of Phoenix acted on the buyer’s behalf. The 26-year-old complex at 11050 N. Biltmore Dr. was one of 63 properties, totaling 17,697 units, in Equity’s Arizona portfolio.

The final closing was a high-profile deal made possible through public and private financing. Rocky Mountain Mutual Housing received $850,000 from a $33.7-million city bond sale, of which $5 million was set aside for nonprofit organizations promoting affordable housing projects in the region. Under the city loan terms, Rocky Mountain Mutual Housing Association will repay the 35-year financing at a rate of about 5.50% interest.

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