REBusinessOnline

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

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 …

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

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 …

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

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 …

Clayco Breaks Ground on 28-Story PALMtower Apartment Building in Downtown Phoenix

PHOENIX, ARIZ. — Chicago-based Clayco has broken ground on PALMtower, a 28-story residential tower development in downtown Phoenix. The project is slated for completion by early 2024. Development costs were not disclosed.PALMtower will feature 352 apartment units with unit features including quartz countertops, luxury vinyl tile, custom finish light fixtures and views of downtown Phoenix. The property will also offer parking onsite, including six floors of above-ground parking with 370 …

Opus Development Co. Acquires 18-Acre Site in Tempe for Spec Industrial Project

TEMPE, ARIZ. — Opus Development Co. has purchased an 18-acre development site at 1320 and 1330 W. Warner Road in Tempe. An undisclosed seller sold the asset for $9.3 million.Opus plans to develop a two-building, 197,000-square-foot speculative industrial project. Construction is slated to begin in first-quarter 2022.Brian Ackerman and Connor Clark of JLL Capital Markets represented the seller in the deal. Additionally, Opus has engaged JLL to handle leasing of the new

Wharton Industrial, Madison Ventures Receive $224.1M Construction Loan for Industrial Park in Mesa, Arizona

MESA, ARIZ. — Wharton Industrial and Madison Ventures Plus have received $224.1 million in acquisition and construction financing for The HUB @ 202, a master-planned, 1.5-million-square-foot industrial park in Mesa.John Alascio, Dave Karson, Chris Moyer, Will Strong, Kirk Kuller, TJ Sullivan, Chuck Kohaut and Zachary Smolev of Cushman & Wakefield Capital Markets arranged the financing.Situated on 101 acres, The HUB @ 202 will feature 11 Class A buildings with 28-foot to 36-foot …

Monarch Investment Sells 410-Unit Apartment Community in Tucson for $65.5M

TUCSON, ARIZ. — Monarch Investment and Management Group has completed the disposition of Yardz on Kolb, an apartment complex located in Tucson. Greenwater Real Estate Management acquired the asset for $65.5 million, or $159,756 per unit.Constructed between 1972 and 1974 on 17-plus acres, Yardz on Kolb features 410 garden-style apartments.Hamid Panahi and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer …

Contour Real Estate Buys 112-Acre Site for Industrial Development Near Mesa Gateway Airport

MESA, ARIZ. — An entity controlled by California-based Contour Real Estate has acquired an approximately 112-acre industrial site at the southwest corner of Warner and Sossaman roads in Mesa. Structures Investment sold the asset for an undisclosed price.Contour plans to develop a master-planned industrial park with eight buildings totaling more than 1.5 million square feet of manufacturing, logistics and e-commerce space. The property will be developed in two phases.Paul Borgesen and …

Berkadia Negotiates $73.2M Sale of Bungalows on Estrella Apartments in Goodyear, Arizona

GOODYEAR, ARIZ. — Berkadia Institutional Solutions has arranged the sale of The Bungalows on Estrella, a garden-style apartment community located at 15545 W. Hudson Way in Goodyear. Arizona-based Cavan Cos. sold the asset to Georgia-based St. Clair Holdings for $73.2 million.The Bungalows on Estrella features 183 one-, two- and three-bedroom apartments with in-unit washers/dryers, 10-foot ceilings and walk-in closets. Community amenities include a swimming pool, fitness center, clubhouse, …

Cushman & Wakefield|PICOR Arranges Sale of 47,808 SF Colonia de Tucson Multifamily Property in Arizona

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Colonia de Tucson, an apartment complex located at 1335 and 1351 W. Saint Mary’s Road in Tucson. The seller, 1335 W. Saint Mary’s LLC, sold the asset for $7.8 million.The community features 84 apartments. Allan Mendelsberg and Conrad Joey Martinez of Cushman & Wakefield|PICOR represented both parties in the

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