ACRES Lends $28Mln for Construction of Bungalow Apartments in ArizonaDECEMBER 08, 2020
ACRES Capital Corp. has provided $28 million of financing for the construction of the 196-unit Bungalows on Bowlin apartment property in Maricopa, Ariz.
The property is being developed by Cavan Cos. of Scottsdale, Ariz., on a 17-acre parcel at Bowlin Road and John Wayne Parkway, some 30 miles south of Phoenix Sky Harbor International Airport. All its units will be Cavan’s signature bungalows, single-family homes with 10-foot ceilings, large windows and individual backyards, which it found are attractive to millennials who are starting families and seniors who are downsizing.
The complex will include a farmhouse-style clubhouse, resort-style swimming pool with spa and parking for 426 vehicles.
Cavan has developed three similar properties in Peoria, Ariz., and Flagstaff, Ariz., and has six others in the works elsewhere in Arizona. Last year, it sold the 153-unit Bungalows on Olive in Peoria for $36.7 million, or $239,869/unit, to Silver Star Real Estate.
Maricopa, which was incorporated as a city only in 2003, has seen a population explosion since. In 2010, its population was nearly 43,500, up from only 1,040 10 years earlier. Its current population is estimated to be greater than 50,000.
The ACRES loan was arranged by Cushman & Wakefield.