From Passersby to Permanent Residents: 1970s Motel Reimagined for Locals

Warm weather, world-class resorts, outdoor adventures and a booming tech industry have all contributed to making Phoenix the fifth most populated city in the United States. Although immune to the cold, the city remains vulnerable to the same challenges facing communities across the rest of the country — increasing rent prices and fewer options for affordable living. 

That is why Freddie Mac Multifamily teamed up with Optigo® lender CBRE and sponsor InTrust Property Group to refinance a $16.5 million fixed-rate loan for the Sunset Sound Studio Apartments. Once a ’70s-era, extended-stay motel, this property was completely transformed within the past couple of years into modern garden-style apartments with 99% of units mission driven at 80% of area median income.

Sunset Sound's location on Van Buren Street provides easy access to downtown Phoenix, the local Sky Harbor International Airport, and Camelback Corridor, the city's premier shopping and financial district. The property has 237 newly furnished units within eight low-rise buildings spread across nearly 4 acres of land. Residents enjoy numerous amenities, including a brand-new resort-style pool, fitness center, shaded picnic areas, charcoal barbeque grills and more.

Access to quality, affordable housing continues to be a challenge in most metropolitan areas around the country, which is why we are partnering to reimagine existing properties to meet the needs of modest to low-income individuals and families. We are proud to work with CBRE and InTrust Property to fund affordable living in the heart of Phoenix and in communities large and small across the nation.