Arizona

Leon Capital Breaks Ground on 380-Unit Soltra at SanTan Village in Arizona

by Amy Works October 25, 2019

GILBERT, ARIZ. — Dallas-based Leon Capital Group has started construction of Soltra at SanTan Village, a Class A multifamily community located at the intersection of SanTan Village Parkway and Ray Road in Gilbert. Situated on 14.2 acres, Soltra at SanTan Village will feature 380 apartments spread across six three- and four-story buildings. With a variety of floorplans, units will feature nine- and 10-foot ceilings, urban mudrooms, smart locks, walk-in showers and soaking tubs, quartz countertops, stainless steel appliances, wood-plank vinyl flooring and ample private garages. The first units are slated for delivery in early 2021. Community amenities will include a 1,900-square-foot, third-floor sky terrace with fully equipped chef’s kitchen; a private resident’s club and sports bar with kitchen and a multiscreen television wall; a “bark park” with pet spa and grooming station; two-tiered, negative-edge resort pool with swim-up hospitality and entertainment area; and private poolside cabanas. Additionally, the community will feature a two-story fitness and wellness center, a conference room and workspace, and a Luxor parcel reception kiosk. The project team includes McShane Construction Co., Todd & Associates, Sustainable Engineering Group and AndersonBaron. Brennan Ray of Birch & Cracchiolo served as zoning attorney, while Zach Pace of Phoenix Commercial Advisors …

October 25, 2019

Acquisitions Arizona Multifamily Nevada Utah Western

Next Wave Investors Acquires 380 Multifamily Units in Phoenix, Salt Lake City, Las Vegas

by Amy Works October 25, 2019

PHOENIX, SALT LAKE CITY AND LAS VEGAS — Next Wave Investors has expanded its investments in the Western United States with the purchase of 380 multifamily units spanning four apartment communities. Details of the transactions were not released. The properties are the 96-unit La Estrella Vista and 149 units of the 160-unit Westover Parc in Phoenix; the 63-unit Townhomes at Mountain Ridge in Salt Lake City; and the 72-unit Bella Vida in Las Vegas. Next Wave plans to implement capital upgrades at each property, including significant exterior and interior renovations at all properties except Bella Vida, which will undergo only interior unit renovations.

October 25, 2019

Arizona Development Office Western

LPC, Harvard Investments Break Ground on 1.3 MSF Office Project in Arizona

by Amy Works October 24, 2019

MESA, ARIZ. — Lincoln Property Co. (LPC) and Harvard Investments has broken ground for the first office building at Union, a four-building, 1.3 million-square-foot office project at the junction of Mesa, Tempe and Scottsdale. Union’s first building will total 238,348 square feet spread across four stories, as well as an adjacent four-level parking garage. All the buildings planned at Union will feature a modern glass exterior, an active first floor, large office floorplates with high ceilings, outdoor balconies and 10-foot vision glass offering views of the surrounding city and mountains. Building One will connect to the larger Union master plans via a main pedestrian plaza and indoor-outdoor features such as shaded gathering areas and outdoor linked by the Rio Salado Pathway. Situated on 28.2 acres, the buildings will range from four to eight stories and from 232,000 square feet to 450,000 square feet. Completion of the first building is slated for October 2020. DAVIS is serving as project architect and Wespac is serving as general contractor. LPC will serve as the project’s leasing agent and property manager.

October 24, 2019

Arizona Development Multifamily Seniors Housing Western

Astoria Healthcare Enters Seniors Housing Sector with 110-Unit Community in Phoenix

by Amy Works October 24, 2019

PHOENIX — Astoria Healthcare Properties has started construction of its first seniors housing community, The Retreat of Alameda in Phoenix. The Kansas-based developer specializes in ambulatory surgery centers, surgical specialty hospitals and medical office buildings. “Adding senior living as a product type is a natural extension for us,” says John Foudray, the company’s CEO. “Our expertise is developing healthcare facilities with the goal of providing higher quality care at a lower cost. Not only is the demand for senior living increasing, but the ability to provide a product that provides quality care at an affordable price is in greater demand.” The new development will offer 72 assisted living units and 38 memory care units in a 93,000-square-foot building. triARC Design provided design work on the project. Paradigm Senior Living will operate the community upon completion, which is planned for March 2021.

October 24, 2019

Acquisitions Arizona Multifamily Western

CBRE Brokers $45.2M Sale of Avia 266 Apartments in Metro Phoenix

by Amy Works October 24, 2019

MESA, ARIZ. — CBRE has brokered the sale of Avia 266, a multifamily property located at 2354 W. University Drive in Mesa. Seattle-based Thayer Manca Residential sold the property to Beverly Hills, Calif.-based Geringer Capital for $45.2 million. Avia 266 features two swimming pools, a 24-hour fitness facility, resident clubhouse, an outdoor gaming space with a bocce ball court, parcel pending locker for resident packages and a dog park. The property features 266 one- and two-bedroom units with well-appointed kitchens, walk-in closets, full-size washers/dryers and private patios or balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

October 24, 2019

Arizona Development Multifamily Seniors Housing Western

LivGenerations, Ryan Cos. Start Construction of 181-Unit Seniors Housing Community in Arizona

by Amy Works October 23, 2019

SCOTTSDALE, ARIZ. — Liv Communities and Ryan Cos. US Inc. have started construction of LivGenerations Mayo Blvd., a luxury senior living community approximately 1.5 miles from the Mayo Clinic hospital campus in Scottsdale. Upon completion, the 285,212-square-foot seniors housing property will offer 181 units of independent living, assisted living and memory care. Todd & Associates is the architect of record and interiors were designed by Thoma-Holec Design. Ryan Cos. is leading construction, with a planned completion of third-quarter 2021. Liv Communities will be the community’s operator. Ryan Companies and Liv Communities celebrated the grand opening of LivGenerations Pinnacle Peak in March 2019, which is now 80 percent occupied. That project is also located in Scottsdale.

October 23, 2019

Acquisitions Arizona Development Office Western

George Oliver Acquires Office Asset in Metro Phoenix for $38.8M, Plans $14M Redevelopment

by Amy Works October 22, 2019

CHANDLER, ARIZ. — Phoenix-based developer George Oliver has purchased a two-building office asset in downtown Chandler for $38.8 million. The buyer plans to invest nearly $14 million of additional capital to redevelop the property into a creative office portfolio. George Oliver purchased the 1987-built Plaza 25 from long-time owner and tenant First Credit Union for $16.3 million. First Credit Union signed a sale-leaseback agreement to continue to occupy the property for a 10-year lease. Including First Credit Union, the building is 79 percent occupied. The new owner will rebrand the property as The Alexander. Additionally, George Oliver acquired the adjacent, 107,510-square-foot Chandler City Center from Tryperion Partners and Griffin Partners for $22.5 million. Located at 55 N. Arizona Place, the property will be rebranded as The Johnathan after undergoing an almost $3 million initial capital investment plan. The rebranding are named for the city’s namesake, Alexander Johnathan (A.J.) Chandler. The Alexander will commence a $5 million shell building transformation in the first quarter of 2020, creating a 112,000-square-foot, five-story, modernized office building at 25. S. Arizona Place. The renovations will improve the building from Class B to a Class A office space, enclosing a current ground-floor plaza and adding shared …

October 22, 2019

Acquisitions Arizona Multifamily Western

Rincon Partners Sells 202-Unit Centerra Apartments in Scottsdale for $36.2M

by Amy Works October 22, 2019

SCOTTSDALE, ARIZ. — Phoenix-based RP 115 LLC, an entity formed by Rincon Partners, has completed the sale of Centerra Apartments, a multifamily property located at 111000 N. 115th St. in Scottsdale. Phoenix-based Tanbic Edgehill Centerra Apartments acquired the asset for $36.2 million, or $179,455 per unit. Built in 1986, Centerra features 202 apartments in a mix of one- and two-bedroom layouts, averaging 746 square feet. The newly renovated units feature stainless steel appliances, granite countertops, new cabinetry in the kitchens and baths, walk-in closets, wood-style flooring, washesr/dryers and private patios/balconies. Community amenities include two resort-style swimming pools and spas, a fire pit with surrounding seating, barbecue/picnic area, new fitness center, new leasing/business center and an off-leash dog park. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.

October 22, 2019

Arizona Development Mixed-Use Multifamily Retail Western

CA Residential, Diamond Realty Investments Open 30-Story Mixed-Use Property in Downtown Phoenix

by Amy Works October 18, 2019

PHOENIX — CA Residential and Diamond Realty Investments have opened the first phase of The LINK PHX, a 30-story mixed-use development located in downtown Phoenix. Shepley Bulfinch served as architect, and Katerra served as general contractor for the project. Located at 330 E. Pierce St., the first phase of The LINK PHX features 257 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 450 square feet to 1,450 square feet, as well as 7,000 square feet of retail space. Each apartment features nine-foot ceilings; kitchen with European-style, soft-close cabinetry; quartz countertops; stainless steel appliances and designer fixtures; and full-size washers and dryers. At complete build-out, the three-phase development will bring more than 600 rental residences and 21,000 square feet of retail space to the Roosevelt Row Arts District over the next decade.

October 18, 2019

Acquisitions Arizona Multifamily Western

Westmount Realty Capital Enters Arizona Market with Purchase of Multifamily Complex in Mesa

by Amy Works October 18, 2019

MESA, ARIZ. — Westmount Realty Capital has entered the Arizona with the acquisition of 949 at the District, an apartment community located at 949 S. Longmore St. in Mesa. The buyer plans to rebrand the property as Westmount at the District. This deal marks the real estate investment company’s first acquisition in Arizona and first multifamily purchase outside of Texas. Built in 1979, the property features 154 units in a mix of one- and two-bedroom layouts that average 825 square feet. Westmount plans to renovate the property with in-unit upgrades including resurfaced counters, stainless steel appliances, refaced cabinets, faux-wood flooring, upgraded lighting and new hardware. Additionally, the renovations will include offering smart home technology, including smart thermostat, smart lock and USB outlets. Community amenities include two swimming pools, an attached clubhouse and leasing office, fitness center, outdoor grilling stations, an on-site dog park, restricted entry and covered parking. Westmount also plans to install a package locker system. Shelton Residential will manage the property.

October 18, 2019

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