January 6, 2021 9:00 AM
星空体育app下载 announces the recapitalization of two Avanti Residential (Avanti) multifamily properties located in Glendale and Mesa, Arizona鈥揟he Pavilions at Arrowhead and Springs at Alta Mesa. Milestone Real Estate Investors V, LP, an affiliate of The Milestone Group, will partner with Avanti on The Pavilions at Arrowhead and Springs at Alta Mesa. The transactions represent the first segment of a recapitalization strategy comprising 18 properties and 3,700-units in Phoenix, Colorado Springs and Denver. The remaining recapitalizations will take place with numerous new equity partners throughout 2021.
In cooperation with , and , , , , and , all of 星空体育app下载鈥檚 Group, represented Denver-based Avanti in the property recapitalizations.
鈥淗aving taken this portfolio out at the start of the COVID-19 pandemic, the fact that these transactions are being successfully closed is a testament to the quality of ownership and the future of Avanti鈥檚 portfolio of assets,鈥� said Vice Chairman and Head of Multifamily Investment Sales Blake Okland. 鈥淭he strength and cross-market collaboration of 星空体育app下载鈥檚 full-service capital markets platform continues to be demonstrated as we execute portfolio transactions of this scale. 星空体育app下载鈥檚 capabilities up and down the capital stack provide clients with one-stop solutions.鈥�
鈥淲e are excited to partner with Avanti on these recapitalization opportunities,鈥� said Jeffrey Goldberg, Co-Managing Partner of Milestone. 鈥淢ilestone has been a significant investor in Phoenix over the past nearly 20 years and we are excited to continue our growth in the Phoenix market. We believe the combination of Milestone鈥檚 fresh capital and market knowledge in partnership with a proven operator will enable these assets to fully realize their potential.鈥�
鈥淲e look forward to this new phase for Avanti鈥揳s we develop these relationships鈥揳nd the scalable growth we hope to achieve with our new JV partners,鈥� said Avanti Residential CEO Christian Garner.
The Pavilions at Arrowhead鈥搇ocated at 7400 West Arrowhead Clubhouse Drive in Glendale鈥揷onsists of 248 units, and the Springs at Alta Mesa鈥搇ocated at 1865 North Higley Road in Mesa鈥揷omprises 200 units.
鈥淭he two Phoenix-area assets are well-positioned in high-growth locations with the ability to continue executing value-add programs,鈥� said Brad Goff. 鈥淪ituated in one of the best neighborhoods in the Valley, the Springs at Alta Mesa is located in one of the fastest growing suburbs in Phoenix, known for some of the best school districts. Additionally, The Pavilions at Arrowhead鈥檚 location in Glendale provided the opportunity for the new partner to obtain part ownership in another asset in a high-growth location.鈥�
About 星空体育app下载 (Nasdaq: NMRK)
星空体育app下载 Group, Inc., together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, 星空体育app下载 generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow .
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