Search
 

3 Street Financial Airs Plan for 264-Unit Buy

GLENDALE, AZ-Shooting for a 2,000-unit portfolio by 2010, 3 Street Financial gets Quail Point Apartments in an off-market deal. It will put $1.8 million into its retooling.

By John McCloud | Updated on February 29, 2008

GLENDALE, AZ-Two Phoenix investors, who are targeting the city’s growing Hispanic community, have secured their third multifamily asset in six months in the Phoenix metro. The goal is to amass a 2,000-unit portfolio by 2010.

Thomas Christensen and Craig Haskell, who do business as 3 Street Financial LLC, spent $15.85 million for Quail Point Apartments, a 264-unit complex at 3045 N. 67th Ave. in West Phoenix, and will invest another $1.8 million into upgrades. “We feel the Hispanic market is underserved,” Christensen tells GlobeSt.com. “We’re doing something nobody else does. We’re looking at the specific needs and preferences of this market and creating projects to appeal to it. We’ve seen it work in senior housing and student housing, but apart from government subsidized housing, we think we’re the first doing it for a minority market.”

To cater to the Hispanic community, 3 Street revamps the properties to include a soccer field, playground and community center in the common areas and installs tile flooring in all units. In addition, it provides free English classes for all residents and a children’s after-school program. To provide teachers, it offers free rent and $400 monthly stipends to students from a local theological seminary.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.