CHANDLER AND GILBERT, ARIZ. — Greystar Real Estate Partners has purchased a three-property Acacia multifamily portfolio on behalf of its real estate funds for an undisclosed price. Situated on Phoenix’s East Valley submarket, the properties are Chandler Court and River Ranch in Chandler and Vista Mountain in Gilbert. Originally built in the late 1980s, the portfolio largely features original interiors throughout the properties. Greystar’s value-add strategy includes renovating the units, including hard-surface countertops, stainless steel appliances, new cabinet doors and upgraded lighting, plumbing and hardware packages. Additionally, the company plans to upgrade the common areas and amenities, which include fitness centers, clubhouses, business centers, community gardens, pools and spa areas.
PHOENIX — Tremont Mortgage Trust has closed a $12.8 million first mortgage bridge loan to finance the acquisition of Mountainview Marketplace, a retail center located in Phoenix. Located at 3131 E. Thunderbird Road, the shopping center features 123,000 square feet of retail space. The floating-rate loan includes initial funding of $5.8 million and a future funding allowance of $7 million for property improvements and leasing capital. The loan is structured with a two-year initial term and two one-year extension options and has a loan-to-value ratio of 48 percent.
SCOTTSDALE, ARIZ. — The Wolff Company, a Scottsdale-based private equity firm and senior living developer, has broken ground on Revel Scottsdale, an independent living apartment community in the company’s hometown. The three-story community is expected to open in late 2020 and will feature 157 units in studio, one- and two-bedroom layouts. Wolff cited an underserved and growing affluent senior population in Scottsdale as the reason for building. The U.S. Census Bureau named Scottsdale, a suburb of Phoenix, as the fourth-fastest-growing metropolitan area in the country. Revel Scottsdale joins a portfolio of 18 other senior living communities from The Wolff Company that are either under development or currently open.
TUSCON, ARIZ. — Tucson-based Holualoa Cos. has acquired Gateway at Tucson, a student housing property located at 2800 W. Broadway Blvd. in Tucson. Bethesda, Md.-based CW Capital Asset Management sold the property, which was marketed via RealINSIGHT Marketplace, for $12.9 million. Gateway at Tucson features 188 units, totaling 552 beds, in a mix of one-, two, three- and four-bedroom layouts, averaging 1,074 square feet. Each unit is rented fully furnished, including a full appliance package, and each bedroom features a private bathroom. Built in 2015, the property is comprised of 10 two-story residential buildings and two single-story common area buildings. Community amenities include a swimming pool and spa, basketball court, fitness center, business center, study rooms, tanning beds and shuttle service to University of Arizona and Pima Community College. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal.
PHOENIX — Cushman & Wakefield has arranged the sale of Zen Senior Living, a 99-unit seniors housing community in Phoenix’s Paradise Valley neighborhood. Investment Concepts Inc., a California-based investor, acquired the property from FPA5 Paradise Village, an entity of San Francisco-based FPA Multifamily. The price was $12 million. The two-story, garden-style community was built in 1985 but recently underwent a $1.6 million renovation project. Floor plans average 846 square feet. Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the sale of Scottsdale Design District, a boutique showroom located on the corner of East Thomas Road and North 66th Street in Scottsdale. Chris Toci, Chad Littell and Brent Mallonee of Cushman & Wakefield represented the seller. The buyers were introduced to the asset by Brandon Holdings, the sponsor, and IX Advisors LLC, a real estate advisory based in Seattle. Local and nationally recognized interior designers, art dealers and retailers occupy the 109,652-square-foot property. Tenants include John Brooks, Pindler & Pindler, Century, Tower and Kravet.
SCOTTSDALE, ARIZ. — Ryan Cos., Cadence Living and a controlled affiliate of private investor Starwood Capital Group have started construction of Acoya Scottsdale at Troon, an independent living and assisted living community in the Troon neighborhood of Scottsdale. The 198,000-square-foot community will sit on six acres and feature 135 units. Construction is slated for completion in mid-2020, with a leasing office opening before mid-year of 2019. Ryan A+E Inc. designed the community’s exterior to complement the Santa Fe architecture of the surrounding area, which consists of private country clubs and high-end resorts. Thoma-Holec Design will create the interiors.
PHOENIX — Denver-based Bow River Capital Partners has purchased Grand Central Tower, an office building located at 3550 N. Central Ave. in Phoenix. Solana Beach, Calif.-based Fenway Capital Advisors sold the property for $14.6 million. Built in 1958 and situated in Phoenix’s Central Corridor, the 20-story building features 284,709 square feet of office space, as well as a 4.4-acre surface parking lot that could be redeveloped with multifamily residential space. At the time of sale, the multi-tenant property was 34 percent occupied. Steve Lindley, Eric Wichterman, Bob Buckley, Tracy Cartledge and Mike Coover of Cushman & Wakefield’s Phoenix office represented the seller in the deal.
TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Davenport, a multifamily asset situated on 20.5 acres along Mill Avenue in Tempe. Tides Equities acquired the property from an affiliate of Abacus Capital Group for $55.5 million, or $125,566 per unit. Developed in 1973 and 1979, The Davenport features 442 units in a mix of studio, one- and two-bedroom layouts. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.
GILBERT, ARIZ. — Chicago-based MedProperties Group has broken ground on Mercy Medical Commons II, a medical office building located on Mercy Road adjacent to the main entrance of Dignity Mercy Gilbert Medical Center in Gilbert. Designed by Ware Malcomb, the three-story, 56,000-square-foot building will feature a 55-foot high-curved fin wall with integrated steel shade canopies, while the western curved façade will open to parking and a porte-cochere arrival area. The CORE Institute will occupy 20,000 square feet of the property, which is slated for completion in third-quarter 2019. Balfour Beatty US is serving as general contractor for the property. Philip Wurth of Colliers International in Greater Phoenix is serving as the leasing agent for the development, which is MedProperties’ first ground-up development in the East Valley area.