Source: Triumph Properties
PHOENIX, AZ - Triumph Properties Group has acquired Deer Creek Village, a 308-unit apartment community located in Phoenix, Arizona. The $49,500,000 acquisition ($160,714 per unit) is Triumph's first residential acquisition in the Phoenix market. Deer Creek was developed by Evans Withycombe Residential Inc. in 1985 and owned by the Withycombe family for 20 years. The property was well designed and well maintained, but now requires a full interior and exterior renovation.
"Within five minutes of walking in the apartment community, I recognized the rare opportunity this was in the current market environment. I never expected to be competing with 30 other offers. Fortunately, we have the financial and human capital resources to act quickly and closed the transaction in 18 days with no financing. After closing, we will secure bridge financing and look for outside like-minded capital partners and begin the implementation of our full renovation," said Steven Feder, President of Triumph Properties Group.
Triumph is continuing to expand its acquisition platform with $100 to $150 million in acquisitions targeted over the next 12 months. Based in Beverly Hills, California, Triumph combines the flexibility and responsiveness of an efficiently managed firm with a strong balance sheet, generated by a half-century of superior risk-adjusted returns. As a long-term owner and investor, Triumph Properties Group is dedicated to identifying unrealized opportunities and maximizing value in its growing portfolio.