Arizona

Holualua Cos. Sells Sonoran Reserve Multifamily Community in Tucson for $61.6M

by Amy Works January 28, 2022

TUCSON, ARIZ. — Holualua Cos. has completed the disposition of Sonoran Reserve, a 272-unit apartment property located in Tucson. An undisclosed buyer acquired the asset for $61.6 million. The seller originally purchased the property as Gateway Apartments, a 552-bed/188-unit student housing asset, in 2018. Holualua Cos. renovated the 12-acre property and converted the community to conventional housing. The $10 million renovation included splitting 83 four-bedroom units into one- and two-bedroom units and renovating and upgrading the resort-style pool, clubhouse, leasing office and fitness center. The company also upgraded the landscaping, repaved the parking lot and painted the entire community. After the renovation was completed, the property was rebranded to Sonoran Reserve. Jeff Casper and Tyler Anderson of CBRE represented Holualua Cos. in the transaction.

January 28, 2022

Acquisitions Arizona Retail Western

ORION Investment Real Estate Brokers $2.7M Sale of Retail Building in Tucson

by Amy Works January 28, 2022

TUCSON, ARIZ. — ORION Investment Real Estate has arranged the sale of a retail building located at the northeast corner of Swan and Grant roads in Tucson. Vans Tucson Golf Properties sold the asset to PALZ Properties for $2.7 million, or $228 per square foot. The asset features 12,049 square feet of multi-tenant retail space. Nick Miner of ORION represented the seller, while Robert Nolan of Oxford Realty Advisors represented the buyer in the deal.

January 28, 2022

Urban-188-1601-W-Camelback-Rd-Phoenix-AZ

Acquisitions Arizona Multifamily Western

Epic Investment Services Buys Two Multifamily Properties in Phoenix for $52M

by Amy Works January 27, 2022

PHOENIX — Canada-based Epic Investment Services, through its Epic Multifamily Real Estate Fund I, has acquired Urban 188 and 96, two apartment communities located at 1601 and 1545 W. Camelback Road, respectively, in Phoenix. Urban 1601 Property sold the properties for $52 million. Built in 1967, Urban 96 sold for $17 million, and Urban 188, which was built in 1970, sold for $35 million. The two properties offer a total of 284 apartments in a mix of studio, one- and two-bedroom units averaging 467 square feet. At the time of sale, the properties were approximately 98 percent leased. Chris Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona negotiated the transaction. Fidelity National Title handled the title and escrow for the sale.

January 27, 2022

Acquisitions Arizona Multifamily Western

Pro Residential Sells Cove on 44th Multifamily Community in Phoenix for $51M

by Amy Works January 25, 2022

PHOENIX — Los Angeles-based Pro Residential has completed the disposition of Cove on 44th, an apartment property located at 4030 44th Ave. in Phoenix. Tide Equities acquired the asset for $51 million. The buyer has rebranded the community to Tides on 44th. The 134,000-square-foot community features 10 studio and 246 one-bedroom apartments, ranging in size from 452 square feet to 598 square feet. Built in 1983, the two-story property offers two swimming pools, a spa, a clubhouse and multiple laundry facilities. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq represented the seller in the transaction. Jeff Erxleben, Lauren Bresky, Kevin Leamy and Loren Heikenfeld of Northmarq’s Dallas Debt & Equity team secured $46.2 million in acquisition financing for the buyer.

January 25, 2022

Acquisitions Arizona Retail Western

Michael A. Pollack Closes Sale of Five Centers

by Jaime Lackey January 21, 2022

PHOENIX – Shopping center owner Michael A. Pollack Real Estate Investments has sold five centers in the Phoenix area in separate transactions for a total of $32 million. The transactions took place in the fourth quarter of 2021. The company sold Trailside Center in Mesa for $2.7 million; the company had owned the property since 1994. In Phoenix, the company sold Tower Plaza along Cave Creek Road for $2.4 million. In Peoria, Pollack sold the 67,000-square-foot Olive Plaza for $4.6 million. Pollack sold Apache Central Center in Tempe to the City of Tempe for $10.6 million. The city plans to redevelop the 44,000-square-foot property into a mixed-use center providing affordable housing and retail. The largest sale for the company was the disposition of the 86,000-square-foot Lindsay Marketplace in Mesa for $11.2 million. Pollack had purchased most of the centers in the 1990s, with one purchased in 2003. “These were all opportunistic buys,” says Michael Pollack. “We were able to get a great deal on all these centers when we purchased them back in the 1990s through early 2000s. We renovated them inside and out, and then held onto the centers for many years bringing the occupancy levels up to almost …

January 21, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $3.8M Sale of Vara Multifamily Property in Phoenix

by Amy Works January 20, 2022

PHOENIX — ABI Multifamily has arranged the sale of Vara, an apartment community located at 2922 N. 35th St. in Phoenix. A California-based buyer acquired the property for $3.8 million, or $180,476 per unit, from California-based seller. Vara features 21 units consisting of 19 one-bedroom/one-bath units and two two-bedroom/one-bath units. The property was built in 1968 and renovated in 2017. Each unit is metered for electricity. John Klocek and Patrick Burch of ABI Multifamily represented the buyer in the deal.

January 20, 2022

Acquisitions Arizona Restaurant Retail Western

Hanley Investment Negotiates $7.1M Sale of Portillo’s Drive-Thru Property in Glendale, Arizona

by Amy Works January 19, 2022

GLENDALE, ARIZ. — Hanley Investment Real Estate Advisors has brokered the sale of a newly constructed, single-tenant restaurant property located 17125 N. 79th Ave. in Glendale. An Orange County, Calif.-based private investor sold the asset to a Los Angeles County-based private investor for $7.1 million. Portillo’s occupies the 7,800-square-foot restaurant building, which is situated on 1.9 acres. The property features an outdoor patio and a double-lane drive-thru. The diner-themed restaurant, which opened in April 2021, serves Chicago-style hot dogs, Italian beef sandwiches, chargrilled burgers, fresh salads and chocolate cake. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investments represented the seller, while Chuck Wilson and Kenny Patricia of Colliers’ Irvine, Calif., office represented the buyer in the deal. Lee Csenar of Hanley Investment Real Estate Advisors served as broker of record in Arizona.

January 19, 2022

Acquisitions Arizona Multifamily Student Housing Western

Harrison Street Purchases Interest in Eight Student Housing Properties at Arizona State University

by Amy Works January 18, 2022

TEMPE AND GLENDALE, ARIZ. — Harrison Street has formed a joint venture with American Campus Communities (ACC) for the ownership of ACC’s existing eight-property Arizona State University on-campus student housing portfolio. Under the terms of the transaction, Harrison Street, as part of its social infrastructure platform, has acquired a 45 percent interest in the joint venture, with ACC owning the remaining interest. ACC will continue to manage the day-to-day operations in collaboration with ASU under the terms of the existing P3 (public-private partnership) contracts. The portfolio includes 8,187 beds across eight assets, which include seven buildings at ASU Tempe and one building at ASU’s West Campus in Glendale. The facilities feature core campus amenities including retail, cafés, fitness centers, dining halls, academic halls and outdoor recreation spaces. The communities provide a broad range of products including first-year residence halls, honors college housing, Greek housing and upper division apartment-style housing.

January 18, 2022

Acquisitions Arizona Multifamily Western

Davlyn Investments Acquires The Boulevard Multifamily Community in Phoenix for $112.5M

by Amy Works January 17, 2022

PHOENIX — Davlyn Investments has purchased The Boulevard, an apartment property in Phoenix, for $112.5 million. The California-based buyer plans to rebrand the 294-unit community as Boulders at Lookout Mountain. Built in 1994 on 16.7 acres, the property features central heating and air conditioning, in-unit laundry, wood-burning fireplaces, walk-in closets with built-in shelving, arid landscaping, parking and an expansive community amenity package. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. Eric Flyckt of Northmarq arranged acquisition financing, which New York Life provided.

January 17, 2022

Contour-Apache-Southern-Ave-Rds-Buckeye-AZ

Arizona Development Industrial Western

Contour Real Estate Buys 77-Acre Industrial Development Site in Buckeye, Arizona

by Amy Works January 17, 2022

BUCKEYE, ARIZ. — An entity controlled by Contour Real Estate has acquired an approximately 77-acre industrial site at the southeast corner of Apache and Southern Avenue roads in Buckeye. The Napolitano Family sold the property, which is adjacent to the Cardinal Glass and Walmart distribution facilities, for $14.5 million. Contour plans to develop a 1.2 million-square-foot, Class A, cross-dock facility targeting e-commerce and logistics tenants in needs of a regional distribution hub. Ware Malcomb is serving as architect and civil engineer for the project. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors represented the buyer in the deal. Marc Hertzberg of JLL’s Phoenix office will handle leasing for the completed facility.

January 17, 2022

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