REBusinessOnline

Milestone Group Buys Two-Property Multifamily Portfolio Totaling 448 Units Near Phoenix

MESA AND GLENDALE, ARIZ. — An affiliate of The Milestone Group has purchased two multifamily assets totaling 448 apartments through a recapitalization valued at approximately $85 million.Located at 1865 N. Higley Road in Mesa, Alta Mesa features 200 garden-style apartments in a mix of studio loft, one-, two- and three-bedroom layouts. Community amenities include two swimming pools, a hot tub, clubhouse, fitness center, racquetball court and movie theater.Located at 7400 W. Arrowhead …

Cushman & Wakefield Arranges $5.2M Sale of Shoppes at Cortaro Ranch in Tucson

TUCSON, ARIZ. — Cushman & Wakefield has negotiated the sale of Shoppes at Cortaro Ranch, a newly constructed retail property located at 5660 W. Cortaro Farms Road in Tucson. Colorado-based Sonoma Heights acquired the asset from Terry Haute, Indiana-based Cortaro Commercial JV LLC for $5.2 million.Built this year, Shoppes at Cortora Ranch features 10,617 square feet of retail space. At the time of sale, the property was fully leased.Chris Hollenbeck of Cushman & Wakefield’s …

Zom Living to Invest More than $500M to Develop Five Multifamily Communities in Phoenix, Scottsdale

PHOENIX AND SCOTTSDALE, ARIZ. — Zom Living has released plans to develop five multifamily communities in Phoenix and Scottsdale. The Orlando, Florida-based company expects to invest more than $500 million in the properties.Zom Living has acquired four parcels totaling 32.7 acres through an auction in the U.S. Bankruptcy Court. The developer expects to break ground on all five communities — which are yet to be named — in the fourth quarter of this year.Zom Living acquired two …

ViaWest Group Acquires Insight Enterprises Office Portfolio in Tempe, Plans Industrial Redevelopment

TEMPE, ARIZ. — A joint venture partnership led by Phoenix-based ViaWest Group has purchased three real estate properties in Tempe from Insight Enterprises for $26.8 million. Phil Breidenback and Kathy Foster of Colliers International Arizona represented the seller and handled the transaction.The portfolio includes a 102,000-square-foot office building at 6280 S. Harl Ave., a 130,270-square-foot industrial/back office property at 910 W. Carver Ave. and an adjacent 56,240-square-foot office …

Crescent Communities, McShane Plan 317-Unit NOVEL Val Vista Apartments in Gilbert, Arizona

GILBERT, ARIZ. — Crescent Communities has selected McShane Construction Co. to build NOVEL Val Vista, an apartment community located on 8.6 acres in Gilbert.The wood-frame development will feature 317 apartments spread across three four-story, garden-style buildings and three two-story, carriage house buildings. Each unit offers upgraded matte black plumbing fixtures and black quartz countertops. The 11,500-square-foot amenity space will include a dog park, swimming pool, cold plunge spa, …

KKR Buys 263,606 SF Distribution Facility in Goodyear, Arizona

GOODYEAR, ARIZ. — KKR has purchased a newly constructed 263,606-square-foot industrial distribution and warehouse property in Goodyear for $43.1 million. Principals of Minneapolis-based Provident Real Estate Ventures, along with Merit Partners and Sunbelt Holdings, sold the 263,606-square-foot facility.Situated on more than 15 acres, the property features three points of ingress and egress, a fully air-conditioned warehouse, 36-foot clear heights, ample loading with 100 percent truck …

TerraCap Management Acquires Anchor Centre Office Park in Phoenix for $103.5M

PHOENIX — TerraCap Management LLC has acquired Anchor Centre, an office property in Phoenix’s Camelback Corridor, for $103.5 million. The two-building office park spans 333,014 square feet at the intersection of 24th Street and Camelback Road. KBS was the seller.The buildings were constructed in 1984 and 1986, and KBS completed a multimillion-dollar capital improvement program upon its acquisition of the asset in 2014. KBS made upgrades to the lobby, common areas, restrooms and amenity …

Colliers Mortgage Arranges $33.1M Refinancing for Three-Property Multifamily Portfolio in Cottonwood, Arizona

COTTONWOOD, ARIZ. — The Orange County, Calif, office of Colliers Mortgage, part of Colliers International, has closed two separate Fannie Mae loans totaling $33.1 million for the refinancing of a three-property apartment portfolio in Cottonwood.Totaling 340 units and constructed between 1985 and 1999, the portfolio includes Mountain View Villa Apartments, Rio Verde Apartments and Sagewood Apartments.The loans utilized Green Rewards and both carry 10-year terms and 30-year amortization …

Stos Partners Enters Metro Phoenix Market with 227,000 SF Industrial Acquisition

TOLLESON, ARIZ. — Stos Partners has purchased a single-tenant industrial property located at 10300 W. Buckeye in Tolleson. A private seller sold the asset for $16.3 million in an off-market transaction. The acquisition marks Stos Partners’ entrance to the metro Phoenix market.Built in two phases in 2005 and 2016, the 227,000-square-foot property features 32-foot clear heights and dock-high loading doors. At the time of sale, an undisclosed tenant fully occupied the building.Bob …

Ready Capital Closes $8M in Financing for Multifamily Property in Phoenix

PHOENIX — Ready Capital has closed $8 million in financing for the acquisition, renovation and stabilization of a multifamily community in Phoenix.Situated in the Paradise Valley submarket, the Class C property features 80 apartments. David Cohen of Ready Capital handled the financing for the undisclosed borrower. Further details were not

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