REBusinessOnline

Arizona

Summit Healthcare REIT Acquires Assisted Living Community in Chandler for $13.4M

CHANDLER, ARIZ. — Summit Healthcare REIT Inc. has acquired Pennington Gardens, a 90-bed assisted living and memory care facility in the Phoenix suburb of Chandler for $13.4 million. Summit will lease the property to Compass Senior Living, which already operates six communities in Summit’s portfolio. The acquisition was made through Summit Chandler LLC, which is a wholly owned subsidiary of Summit. Summit is a non-traded REIT with 32 long-term, triple-net-leased healthcare facilities..

July 20, 2017

Rivendell Global Real Estate Buys Santa Rosa Apartments in Phoenix for $19.5M

PHOENIX — Rivendell Global Real Estate has acquired the 112-unit Santa Rosa apartments in Phoenix for $19.5 million. The community is located at 3425 E. Chandler Blvd. Santa Rosa was built in 1997 within the 720-acre Lakewood Master Plan. CBRE’s Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch represented the seller, Baron Properties, in this transaction.

July 17, 2017

BH Equities Buys Arcadia Cove Apartments in Phoenix for $71.5M

PHOENIX — BH Equities has acquired the 432-unit Arcadia Cove Apartments in Phoenix for $71.5 million. The community is located at 2252 N. 44th St. Arcadia Cove was built in 1996. It recently underwent a renovation that includes exterior upgrades to the pool and spas. Barbecue pits, outdoor television monitors and Wi-Fi connections were also installed. Upgrades also occurred in the fitness room, Internet café and clubhouse, which now includes iPad stations. Cindy and Brad Cooke of..

July 13, 2017

Regent Properties Purchases Camelback Commons Office Campus in Phoenix for $66.4M

PHOENIX — Regent Properties has purchased Camelback Commons, a 322,406-square-foot office campus in Phoenix, for $66.4 million. The Class A office property is located at 4722 and 4742 N. 24th St. It was built in 1986 and underwent a $4.5 million renovation in 2015. CBRE’s Barry Gabel and Chris Marchildon represented the seller, a joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing, in this transaction. CBRE Capital Market’s Debt & Structured Finance..

July 5, 2017

Newmark Secures $151M in Financing for 30-Property Industrial Portfolio in Arizona

PHOENIX — Newmark has secured $151 million in financing for a 30-property industrial portfolio in Arizona. The portfolio contains more than 4 million square feet of space occupied by more than 1,000 tenants. The 15-year non-recourse loan features a rate below 4 percent. The portfolio is a mix of light industrial / manufacturing buildings with small to medium bay depths. The properties are located in Phoenix, Tempe, Mesa, Chandler, Gilbert, Glendale, Goodyear, Surprise and Peoria. Voya..

June 29, 2017

IPA Closes $217M in Multifamily Sales in Phoenix

PHOENIX — Institutional Property Advisors’ Steve Gebing and Cliff David have closed five multifamily sales in the metro Phoenix area totaling $217 million in 16 days. The sales included Village Green in Mesa, Onnix in Tempe, Broadstone Gateway in Avondale, Green Leaf Promontory Pointe in Phoenix and Pinnacle at Union Hills in Phoenix.

June 29, 2017

JV Buys Former Hotel in Phoenix to Convert to Assisted Living

PHOENIX — A joint venture between Bruckal Developments and Ridgeline Properties has purchased a former Country Inn & Suites in Phoenix for $8.3 million. The buyers plan to convert the property into an assisted living and memory care community. Built in 2000, the 126-room property is four stories tall. The 74,000-square-foot building sits on 3.3 acres of land and has 147 parking spaces, as well as an exterior pool and fenced patio area. The conversion will create a 119-room seniors..

June 26, 2017

Greystar Real Estate Partners Acquires Green Leaf Promontory Pointe in Phoenix

PHOENIX — Greystar Real Estate Partners has purchased the 424-unit Green Leaf Promontory Pointe in Phoenix for an undisclosed sum. The community is located at 888 E. Clinton St. within the 1,200-acre Pointe Tapatio master-planned community. It was built in two phases in 1984 and 1996. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, Green Leaf Partners, in this transaction.

June 23, 2017

Jevan Capital Acquires La Reserve at Forty-Fifth Apartments in Phoenix for $12.7M

PHOENIX — Jevan Capital has acquired the 301-unit La Reserve at Forty-Fifth apartment complex in Phoenix for $12.7 million. The community is located at 2627 N. 45th Ave. It was built in 1972. La Reserve offers one- to three-bedroom units. Amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas. Brett Polachek and Jim Crews of Cushman & Wakefield Phoenix represented the seller, CEGOP-PHX 1 LLC, in this transaction.

June 22, 2017

Asset Campus Housing Awarded Management of 250-Bed Community Near University of Arizona

TUCSON, ARIZ. — Asset Campus Housing has been awarded management of INDI Tucson, a 250-bed community located near the University of Arizona. The property offers two-, three- and four-bedroom, fully furnished units. Community amenities include two resort-style pools, an outdoor media lounge, state-of-the-art fitness center and on-site laundry facilities.

June 21, 2017