REBusinessOnline

BridgeWater Opens 140-Unit Affordable Seniors Community in Midtown Phoenix

PHOENIX - BridgeWater Assisted Living has opened BridgeWater Assisted Living Midtown, a 140-unit affordable seniors housing community in Phoenix. This is BridgeWater's second affordable community in the Phoenix metro. The property is seven stories tall and offers assisted living and memory care services using the Medicaid ALTCS program, which allows Medicaid to pay for services that are normally private pay. Veterans eligible for Wartime Pension may also qualify for supplemental aid and …

Alliant Credit Union Closes $14.6M Refinancing for Industrial Property in Chandler, Arizona

CHANDLER, ARIZ. - Alliant Credit Union has arranged a $14.6 million loan for the refinancing of an industrial property located in Chandler. The property features 162,714 square feet of distribution space. The undisclosed sponsor had recently closed with a higher interest rate bridge loan and was seeking a low-leverage transaction to replace that debt. Alliant structured the 10-year loan with a 30-year amortization schedule and two years of interest-only

Alpha Wave Investors Sells 60-Unit Apartment Community in Tucson

TUCSON, ARIZ. — Alpha Wave Investors, a private equity investment firm, has completed the disposition of Skyline Park Apartments, a multifamily property located at 5290 S. Park Ave. in Tucson. A Southern California-based owner of multifamily properties purchased the asset for $2.6 million. Alpha Wave originally acquired the property in 2017, implemented a repositioning/renovation program and rebranded the property to Skyline Park Apartments. Built in 1985, the two-story property …

North American Development Buys One-Acre Parcel in Phoenix for $100M Residential Project

PHOENIX — Florida-based North American Development Group has acquired a one-acre parcel within Arizona Center Project in downtown Phoenix. San Diego-based Parallel Capital Partners sold the site within the 16-acre development for an undisclosed price. North American Development plans to construct Palm Court Tower, a 30-story residential tower on the site at 440 E. Van Buren St. Slated for completion in 2020, the $100 million project will feature 350 residences, a swimming pool terrace, …

MIG Real Estate Purchases 209-Unit Apartment Complex in Mesa, Arizona

MESA, ARIZ. — MIG Real Estate has acquired the 209-unit Trails at Harris Apartments in Mesa for $22.1 million. The community is located at 1653 S. Harris Drive. Trails at Harris Apartments was built on nearly 10 acres in 1983. All units include all-electric kitchens, walk-in closets, standing showers and linen closets. Outdoor balconies or patios and stackable washer and dryers are available in select units. The apartments are a value-add opportunity for MIG. Interior renovations will …

MJW Investments Acquires Student Housing Community Near Arizona State

TEMPE, ARIZ. — MJW Investments has acquired ReNUE on Orange, a 110-unit student housing community located near Arizona State University in Tempe. The price was not disclosed. The property offers one- and two-bedroom units with shared amenities including a swimming pool, sundeck and courtyard. The company plans to make improvements to the property, including upgrading unit interiors and common areas, addressing deferred maintenance issues and rebranding the property as “Thrive Tempe,” …

Lee & Associates Arranges $21.9M Sale of Shopping Center in Glendale

GLENDALE, ARIZ. — Lee & Associates has arranged the $21.9 million sale of Talavi Towne Center, a 118,377-square-foot shopping center in Glendale. Jay Fincham and Patrick Dempsey of Lee & Associates arranged the transaction on behalf of the seller, Kimco Towne Center LLC, and the buyer, Talavi Bell LLC. Talavi Towne Center is home to tenants such as Wal-Mart, MOR Furniture, Dollar Tree, Leslie’s Pool Mart and Cricket

NorthMarq Capital Debuts new Multifamily Investment Sales Business in Phoenix

PHOENIX — NorthMarq Capital has debuted the new NorthMarq Multifamily business, which debuted with a 10-person multifamily investment sales team headquartered in Phoenix. This new team marks the beginning of NorthMarq Capital’s selective geographic expansion of multifamily and manufactured housing investment sales services across the country The team was formerly known as the HSK team and led by Trevor Koskovich, who will now serve as president of NorthMarq Multifamily. Koskovich will …

Lincoln Property Co. Breaks Ground on 352,000 SF Office Building in Tempe

TEMPE, ARIZ. — Lincoln Property Co. has broken ground on the second building at Grand at Papago Park Center in Tempe. The 352,000-square-foot building will be located at 1027 W. Roosevelt Way. The Grand Building Two is one of Arizona’s largest office buildings to break ground as a purely speculative endeavor, according to Lincoln. It is scheduled for completion in the second quarter of 2019. The building will be the second of eight Class A office buildings scheduled to be built by …

Confluent Development, DPC Companies Start Construction of Distribution Center in Phoenix

PHOENIX — A joint venture between Confluent Development and DPC Companies has started construction of HUB 317, a spec distribution building in Phoenix. The project is located at 317 S. 48th St. The 225,000 square feet of industrial/distribution space is designed to accommodate multiple large tenants. The project will feature a contemporary design, 32-foot clear ceiling/stacking height, and dock-high loading. It will be completed in summer