Mesa, Arizona
CDT Partner
Lynd Residential Properties
Investment Description
Crestwood Apartments is a 276 unit multifamily rental property located in the Mesa, AZ. CDT partnered with Lynd Residential Properties to acquire the property in December 2005. The Crestwood acquisition involved preserving an unsubsidized, market-rate property as affordable housing. Amenities at the property include a swimming pool, lighted sports court, fitness center, business center, and laundry facilities. A new light rail train station, scheduled to be completed in 2008, will be located within one mile of the property and serve the entire Phoenix metropolitan area.
Transaction Highlights
Together with Lynd, CDT was able to preserve a community currently affordable to families earning less than 44% of the area median income. In conjunction with the acquisition, the Lynd/CDT partnership funded $500,000 in capital improvements, which will increase the longevity of this asset and enhance the quality of life of its residents. CDT demonstrated its ability to close on an aggressive time schedule by obtaining Board approval 3 weeks from the date of Lynd's initial inquiry and closing within 3 weeks thereafter.
the community development trust
