Arizona

Cushman & Wakefield Negotiates Sale of 283-Unit Apartment Complex in Chandler, Arizona

by Amy Works July 23, 2019

CHANDLER, ARIZ. — Cushman & Wakefield has arranged the sale of Jefferson Chandler, a Class A apartment community in Chandler. Irving, Texas-based JPI sold the property to RPC Chandler Apartments LLC, an entity formed by Dallas-based Rosewood Property Co., for an undisclosed price. Located at 3950 W. Chandler Blvd., Jefferson Chandler features 283 units in a mix of studio, one-, two- and three-bedroom floorplans with the average size of 924 square feet. The units offer nine-foot ceilings, wood-inspired plank flooring, quartz countertops, stainless steel appliances, washers/dryers, undermount kitchen sinks, pre-wiring for technology, private patios/balconies and exterior storage spaces. Community amenities include a clubhouse, resort-style swimming pool, poolside cabana area, outdoor grilling stations with lounge seating, putting green, high-tech fitness facility, yoga studio, latte lounge, social business hub, game room with billiards, off-leash pet park, pet wash area and covered parking. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the deal.

July 23, 2019

Acquisitions Arizona Multifamily Western

Mentor Properties Sells Sonoma Sol Multifamily Community in Phoenix’s West Valley for $32.2M

by Amy Works July 23, 2019

PHOENIX — Mentor Properties has completed the sale of Sonoma Sol, a multifamily community located in Phoenix’s West Valley. A joint venture between an affiliate of The Roxborough Group and SB Real Estate Partners acquired the asset for $32.2 million, or $100,781 per unit. The buyer plans to rename the 320-unit property Cordova Apartments. Built in 1985, the community features a majority of two-bedroom units with full-size washers/dryers in each apartment. Community amenities include a fitness center, resident clubhouse, swimming pools and outdoor play areas. The buyer plans to reposition the property, including upgrades to the common areas and amenities. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 23, 2019

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Arranges Sale of 103-Bed Skilled Nursing Facility in Tucson

by Amy Works July 22, 2019

TUCSON, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Santé of Tucson, a 103-bed short-term rehabilitation and transitional care facility in Tucson. The property was built in 2017, but struggled with occupancy and was placed into SEC receivership under the supervision of Thomas Seaman and Associates. Blueprint was brought on to market the property as a turnaround opportunity with a HUD assumption. A Chicago-based owner-operator that recently had success with another turnaround opportunity in Tucson bought the asset for an undisclosed price. The new owners rebranded the community as Sapphire Estates Rehab Centre. HUD approval for the loan assumption took approximately two months to complete, despite the government shutdown for part of the year. The Blueprint transaction team consisted of Amy Sitzman, Jacob Gehl and Humair Sabir.

July 22, 2019

Acquisitions Arizona Mixed-Use Multifamily Retail Western

LJ Mainstreet Holdings Acquires 45-Unit Apartment Property in Arizona

by Amy Works July 22, 2019

BUCKEYE, ARIZ. — Mesa, Ariz.-based LJ Mainstreet Holdings has purchased Main Street Lofts at Verrado, a multifamily property located at 21068 W. Main St. in Buckeye, a suburb of Phoenix. Omaha, Neb.-based Waitt Verrado LLC sold the asset for $5.2 million. Situated within the Verrado master-planned community, Main Street Lofts features 45 units averaging 994 square feet, as well as a CVS/pharmacy and Basha’s grocery on the ground floor. Matt Kolano and Charlie Steele of Jones Lang LaSalle of Phoenix represented the seller, while Chris Roach and Matt Roach of Colliers International in Arizona represented the buyer in the deal.

July 22, 2019

Acquisitions Arizona Multifamily Western

IPA Negotiates $65.4M Sale of Aventura Multifamily Asset in Suburban Phoenix

by Amy Works July 18, 2019

AVONDALE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Aventura, a multifamily property located at 10350 W. McDowell Road in Avondale, a western suburb of Phoenix. Boston Capital sold the property to an institutional investment manager for $65.4 million, or $160,294 per unit. Situated on 18.4 acres, Aventura features 408 apartments, a resort-style pool and 24-hour fitness center. Originally built in 2000, the property has undergone major improvements to its common areas and apartment interiors since 2016. Steve Gebing and Cliff David of IPA, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

July 18, 2019

Acquisitions Arizona Office Western

MIG Real Estate Sells Arcadia Gateway Center Office Building in Phoenix for $17.2M

by Amy Works July 18, 2019

PHOENIX — MIG Real Estate has completed the sale of Arcadia Gateway Center, a Class A office building located at 4222 E. Thomas Road in Phoenix. Clayton A. Varga, trustee of the Varga Revocable Trust, acquired the property for $17.2 million, or approximately $191 per square foot. Constructed in 1999, the four-story property features 90,225 square feet of office space, a three-story parking structure, building signage and large floorplans. At the time of sale, the multi-tenant property was 96 percent occupied. Eric Wichterman, Mike Coover and Tim Whittemore of Cushman & Wakefield Phoenix represented the seller, while McAlister Cleary and Kelly O’Dea of Marcus & Millichap represented the buyer in the deal.

July 18, 2019

Acquisitions Arizona Multifamily Western

Investors Capital Group Acquires 289-Unit Multifamily Property Near Tucson, Arizona

by Amy Works July 17, 2019

TUCSON, ARIZ. — Investors Capital Group has purchased Domain 3201, a multifamily property located within the Casas Adobes area of Tucson. Aspen Square Management sold the property for $37.7 million. Situated on more than 12 acres, Domain 3201 features 298 apartments, three resort-style swimming pools, spas, poolside cabanas, picnic areas and a full-size tennis court. The property was constructed between 1985 and 1990. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

July 17, 2019

Arizona Development Multifamily Seniors Housing Western

Koelsch Communities Completes $40M Seniors Housing Property in Chandler, Arizona

by Amy Works July 17, 2019

CHANDLER, ARIZ. — Koelsch Communities has completed The Park at Copper Creek, an independent living community in Chandler. The $40 million property features more than 130 apartments. Amenities include a woodworking shop, theatre, veranda, and patio. In addition, there are two interior courtyards, outdoor exercise stations, and fitness center equipped with compressed air workout stations. A classic 1956 Dodge Custom Royal Lancer is also featured near the entrance, a unique feature of many Koelsch communities as an homage to the CEO’s father, who loved cars. Diana Escobedo is executive director of the new community.

July 17, 2019

Acquisitions Arizona Industrial Western

Realty Advisory Group Arranges Acquisition of 319,860 SF Industrial Property in Phoenix

by Amy Works July 16, 2019

PHOENIX — Realty Advisory Group has brokered the acquisition of a single-tenant industrial property located at 2060 S. 51st Ave. in Phoenix. Nuveen Real Estate purchased the property for an undisclosed price. The name of the seller was not released. Situated on 17.44 acres, the property features 319,860 square feet of Class A industrial space. At the time of sale, the asset was 100 percent leased to Royal Paper Converting. The building features 30-foot clear heights, 38 dock-high doors, an ESFR sprinkler system and future divisibility options. John Repstad and Mark Repstad of Realty Advisory Group represented the buyer in the deal.

July 16, 2019

Acquisitions Arizona Industrial Mixed-Use Office Retail Western

CBRE Negotiates $13.3M Sale of Mixed-Use Chandler Business Center in Arizona

by Amy Works July 16, 2019

CHANDLER, ARIZ. — CBRE has arranged the sale of Chandler Business Center, a creative office, flex-tech and retail space located in Chandler. New York-based Fullerton Properties acquired the multi-tenant property from Los Angeles-based Montana Avenue Capital for $13.3 million. Located at 6150 and 6170 W. Chandler Blvd., Chandler Business Center is a two-building, value-add, mixed-use complex offering a total of 129,840 square feet. Butler Design Group designed the property in collaboration with Trammell Crow Co., completing construction in 2012. At the time of sale, the property was 54 percent leased to a variety of tenants, including New Heights Church, Advance Auto Parts, Newark Corp. and Children’s Cancer Network. Glenn Smigiel, Bob Young, Steve Brabant, Rick Abraham, Mark Krison and Jackie Orcutt of CBRE represented the seller in the deal.

July 16, 2019

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