Bascom Arizona Ventures LLC has acquired the Tempo at McClintock Station Apartments.

Tempo is a mid-rise multifamily property consisting of 423 residential units in Tempe, Arizona. The price was $89.2 million, or $210, 377 per unit. The seller was P7 McClintock Station Owner LLC.

Oaktree Real Estate Finance II, LLC provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith and Annie Rice of CBRE for the acquisition. Stephen Peters of Melody West advised the buyer and seller in the transaction.

Tempo at McClintock Station is a Class A multifamily property situated in the booming North Tempe submarket. The property offers one, two and three-bedroom apartments that feature exclusive community and state of the art amenities.

The new ownership plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors.

"Tempo provides an exceptional, high quality, low-risk, off-market investment opportunity in the ever-growing Tempe area," says Mark Brotherton, portfolio manager of Bascom Arizona Ventures. "Tempo offers a new build, soon to be stabilized, core asset, with tremendous upside through mark-to-market rental rates, loss-to-lease burn off, and the elimination of lease-up concessions."

Freddie Mac and National Equity Fund has made three Low-Income Housing Tax Credit Fund investments. The funding was made through a fund that the two organizations just opened.

They will help provide supportive housing for individuals experiencing homelessness and populations displaced by natural disasters:

• Aiding those displaced by Hurricane Harvey:A $15 million LIHTC equity investment in Houston’s New Hope Housing’s Dale Carnegie development will provide high quality housing and supportive services to 170 individuals and families displaced by Hurricane Harvey.
• Addressing homelessness on Skid Row:A $19.6 million LIHTC equity investment in Skid Row Housing Trust’s Flor 401 Lofts development in Los Angeles will serve nearly 100 veterans and special needs individuals experiencing homelessness with both housing and supportive services.
• Serving homeless veterans in South Los Angeles:A $26.5 million LIHTC equity investment in Hollywood Community Housing’s Florence Mills Apartments will help provide supportive housing in South Los Angeles--an area with a very high homeless rate. Fully 13 of the 74 units will be designated for homeless veterans.

“National Equity Fund has a more than 30-year track record of making investments that help the most underserved communities, and Freddie Mac is very proud to aid that mission through one of our LIHTC Equity funds,” said David Leopold, vice president of Targeted Affordable Sales and Investments at Freddie Mac. “The investments we have made through the fund thus far are making a home possible for those displaced by Hurricane Harvey and individuals experiencing homelessness in some of the most housing-challenged communities in the country.”

The closing marks Freddie Mac’s fifth LIHTC fund since re-entering the market in 2018, and the first fund managed by National Equity.

FCP and Fairfield Properties have made a $100 million preferred equity investment to acquire a seven-property, garden-style multifamily portfolio containing 1,496 units located in Nassau and Suffolk Counties in New York.

Fairfield Properties Corporately Owned HQ Building in Melville, N.Y.

The portfolio includes the communities of Westwood Village, Heritage Square, Cambridge Village, Yorkshire Village, Southern Meadows, Lake Grove and Mid-Island Apartments. Freddie Mac and Citibank provided senior loans for the acquisition.

David Webb, Maxi Leachman and Brynn Wendel with CBRE Mid-Atlantic Debt and Structured Finance Team advised the buyers on the senior debt and preferred equity placement. The CBRE team of Jeffrey Dunne, Gene Pride, Eric Apfel, and Alexander Virtue of CBRE Capital Advisors, represented the owner of the portfolio.

"This investment continues FCP's strategic initiative to expand its structured investment business by providing preferred equity on existing multifamily assets," said E.J. Corwin, senior vice president of FCP.