REBusinessOnline

DRA Advisors Acquires Camelback Lakes Office Building in Phoenix for $47.5M

PHOENIX — New York-based DRA Advisors has purchased Camelback Lakes, a multi-story office building located at 2710, 2720, 2730 and 2850 E. Camelback Road, for $47.5 million. Developed in 1983, the four-building asset features 203,290 square feet of office space with a detached parking deck. At the time of sale, the property was 85 percent occupied. Mainstreet Capital will provide property management services, while Keith Lambeth of Cushman & Wakefield will provide leasing services …

29th Street Capital Buys 168-Unit Las Casitas Apartments in Arizona

AVONDALE, ARIZ. — 29th Street Capital (29SC) has purchased Las Casitas Apartments, a multifamily community located in Avondale, for an undisclosed price. The name of the seller was not released. 29SC plans to invest more than $2.1 million in capital improvements at the 168-unit property. Planned interior upgrades include black appliances, improved lighting, USB ports, refaced cabinets, fresh paint and kitchen backsplashes, while exterior renovations include enhancing the dog park, …

IPA Arranges $24M Sale of 164-Unit Apartment Complex in Tempe, Arizona

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of MarQ at 1st, an apartment community located in Tempe. Knightvest Capital acquired the property from Western Wealth Capital for $24 million, or $146,341 per unit. Constructed in 1985, MarQ at 1st features 164 apartments and is situated less than a mile from Arizona State University’s main campus and Tempe’s Mill Avenue District, which offers a mix of more than 125 local …

DAUM Commercial Negotiates $8.2M Sale of 123,754 SF Industrial Building in Phoenix

PHOENIX — DAUM Commercial Real Estate Services has facilitated the sale of an industrial building located in Phoenix’s Southwest submarket. Exeter Property Group purchased the asset from David Turner International for $8.2 million in an off-market transaction. Situated on 7.2 acres at 4502 W. Monterosa St., the 123,754-square-foot property features an air-conditioned warehouse, six dock-high doors, two grade-level doors, ample parking and 24-foot clear heights. Trevor McKendry and …

Pillar Communities Sells 315-Unit Apartment Community in Arizona for $67.8M

GILBERT, ARIZ. — Pillar Communities & Private Portfolio Group has completed the disposition of Pillar at SanTan, a garden-style apartment complex located at 2910 S. Greenfield Road in Gilbert. Baron Properties acquired the asset for $67.8 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office represented the seller in the transaction. Constructed in 2009, Pillar at SanTan features 315 units in a mix of studio, one-, two- and three-bedroom …

Baron Properties Sells 258-Unit Arcadia Apartments in Phoenix for $40.3M

PHOENIX — Arcadia 4127 Apts LLC, an entity formed by Denver-based Baron Properties, has completed the sale of Arcadia 4127 in Phoenix. HGI Acquisitions LLC, an entity formed by Norfolk, Va.-based Harbor Group International, purchased the multifamily asset for $40.3 million. Located at 4127 E. Indian School Road, Arcadia 4127 features 258 units in a mix of one- and two-bedroom floorplans, with an average size of 819 square feet. Each unit features quartz countertops, stainless steel …

Cadence Living Plans $46M Seniors Housing Community in Chandler, Arizona

CHANDLER, ARIZ. — Cadence Living has acquired 7.7 acres in Chandler, approximately 20 miles southeast of Phoenix, with plans to build a seniors housing community on the site. Named Cadence at Ocotillo, the community will offer 191 units of independent living, assisted living and memory care. Development costs for the 206,283-square-foot building are estimated at $46 million. Construction of Cadence at Ocotillo is slated to begin in the fall of this year. Partners on this project include …

MG Properties Group Buys 379-Unit Elevate at Discovery Park Apartments in Tempe, Arizona

TEMPE, ARIZ. — San Diego-based MG Properties Group has acquired Elevate at Discovery Park Apartments, formerly known as Villa Blanco, in Tempe for an undisclosed price. The low-density, garden-style apartment community features 379 units in a mix of one-, two and three-bedroom layouts. The community includes resort-style amenities and immediate access to the Loop 101 Freeway. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the undisclosed seller, while …

SRS Negotiates $13.8M Sale of El Super Shopping Center in Phoenix

PHOENIX — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of El Super Shopping Center, a retail property located at 2211 W. Camelback Road in Phoenix. Phoenix-based De Rito Partners and Van Tuyl Group sold the property to a West Coast-based private investor for $13.8 million. Built in 2017 and situated on 6.4 acres, the asset features 59,400 square feet of retail space. At the time of sale, the property was fully occupied by 11 tenants, including El Super and …

Sunrise Luxury Living Sells 282-Unit Apartment Complex in Arizona for $80.4M

SCOTTSDALE, ARIZ. — Sunrise Luxury Living has completed the sale of The CORE, a newly built Class A multifamily property in Scottsdale. An undisclosed buyer acquired the 282-unit asset for $80.4 million. Situated on 4.5 acres at 15333 N. Hayden Road, the property features a mix of studio, one- and two-bedroom layouts with nine-foot ceilings, quartz countertops, Whirlpool stainless steel appliances and gas cooktops. Community amenities include a rooftop pool, modern fitness center with …

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