Jim Pierson, a principal with Phoenix-based Johnson Capital Partners of Arizona, arranged a 10-year, fixed-rate loan teamed with interest rate below 6%. He tells GlobeSt.com that Mark-Taylor Residential locked in the interest rate about 10 months ago through TIAA-CREF's forward-commitment program, which allows borrowers to fix the rate for up to 24 months. "Lenders were very competitive for this financing as the borrower is the premier apartment developer in Arizona," Pierson says.

San Marbeya opened in April 2004 at 1720 E. Broadway Rd. and already has reached 97% occupancy, Pierson says. "It's in a great infill location with no room for more apartments," he says, adding Mark-Taylor tore down buildings to make way for San Marbeya. The complex is situated on 14.3 acres at the intersection of Broadway and McClintock roads near Arizona State University and all of the Valley's major freeways.

The 24-building San Marbeya consists of two-story buildings with 80 one-bedroom units ranging from 689 sf to 708 sf; 146 two-bedroom designs of 1,001 sf to 1,038 sf; and 40 three-bedroom apartments, each with 1,190 sf. Monthly rents range from $825 to $1,250. Each unit features black appliances, faux granite countertops, cherry-stained cabinets, tile treatments, microwaves and washers and dryers.