CHICAGO--(BUSINESS WIRE)--An affiliate of Walton Street Capital, L.L.C. (“Walton Street”) announced that it originated a $71.6 million loan to Knightvest Capital for the acquisition of Portrait at Hance Park, a 340-unit Class-A multifamily community located at 1313 N. 2nd Street in Downtown Phoenix, AZ.
Built in 2019, the mid-rise property consists of 340 units averaging 863 square feet and is currently 91.5% occupied and 95% leased. It includes high-end interior unit finishes and luxury community amenities. Unit interiors feature 9’ and 10’ ceilings, quartz counters and vanity tops, designer backsplashes, brushed nickel fixtures, in-unit washer/dryer, tile plank flooring in kitchen and baths, and stainless-steel appliances. Community amenities include two resort-style pools with spas/fireplaces/private seating areas, a second-floor open-air terrace/game room, aqua lounge with a gourmet demonstration kitchen, state-of-the-art TKO fitness center, business center, resident lounge, and a landscaped courtyard with outdoor grills.
“This was an attractive opportunity to finance the acquisition of a high-quality, newly built multifamily asset in a growing market for a respected and experienced sponsor. We are excited to expand our relationship with the Knightvest team,” said Scott Durco, Principal with Walton Street.
“This loan exemplifies our core strategy of originating loans to experienced sponsors on multifamily assets in markets that exhibit strong employment and population growth. The asset has experienced strong and steady lease up since delivery and was nearly stabilized at closing,” added Luke Goodwin, Senior Principal with Walton Street.
In 2021, Walton Street affiliates have closed or are in process of closing loans on multifamily projects totaling approximately 2,900 units across multiple high-growth markets.
About Walton Street Capital, L.L.C.: Walton Street is a private equity real estate fund manager that, since its inception in 1994 through its affiliates, has raised over $13 billion of capital commitments from a broad cross-section of sophisticated institutional investors. Walton Street’s senior management has collectively acquired, financed, managed and sold over $50 billion of real estate and have an average of 21 years of real estate industry experience. Senior management has collectively invested and managed both real estate equity and debt through several real estate cycles over five separate decades and more than 40 years, forging long-term and deep relationships with lenders, public and private real estate owners, operators, brokers, managers, and industry service providers. Through this diverse network, Walton Street has sourced over $10 billion in lending opportunities for its affiliates since inception.