February 19, 2019
BlueGate Secures Financing for the Enclave at Paradise Valley
Enclave at Paradise Valley is a 174-unit, Class-B apartment community located in the North Paradise Valley submarket of Phoenix, AZ, which is one of the MSA’s most affluent and top performing submarkets.
Enclave at Paradise Valley was constructed in 1985 and consists of a nice mix of 1 bedroom / 1 bathroom and 2 bedroom / 2 bathroom units. A number of units have been upgraded with refinished cabinets, stainless steel appliances, upgraded faux-wood flooring, refinished countertops, and updated lighting. All units include full-size in-unit washer and dryer as well.
The borrower plans to paint all building exteriors and renovate the clubhouse to a more modern look and feel. The borrower also plans to upgrade the remaining unit interiors with similar finishes and upgrade the kitchen countertops in all units to granite.