Arizona

Newmark Negotiates $33M Sale of Copper Point Medical Office Building in Gilbert, Arizona

by Amy Works September 10, 2021

GILBERT, ARIZ. — Newmark has arranged the sale of Copper Point, a medical office building located at 3530 S. Val Vista Drive in Gilbert. West Coast Capital Partners sold the asset to CA Ventures for $33 million. The two-story, 91,805-square-foot building was 96 percent occupied by multiple tenants at the time of sale. The tenant mix includes orthopedic surgery, oncology, cardiology and laboratory services. The building is adjacent to Dignity Health Mercy Gilbert Medical Center. Kathleen Morgan and Trisha Talbot of Newmark represented the seller, while the buyer was self-represented in the transaction.

September 10, 2021

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures, Pacific Life Insurance Sell Two Apartment Communities in North Scottsdale for $312.5M

by Amy Works September 8, 2021

SCOTTSDALE, ARIZ. — A joint venture between Bascom Arizona Ventures and Pacific Life Insurance has completed the disposition of Ascend at Kierland and Elite North Scottsdale in Scottsdale. The Ezralow Co. acquired the assets for $312.5 million. Built in 1996 and 1998, the 364-unit Ascend at Kierland and the 360-unit Elite North Scottsdale are surrounded on three sides by the Westin Kierland Resort golf course. Unit interiors feature luxury finishes, including quartz countertops, new cabinets, kitchen backsplashes, undermount sinks, vinyl plank flooring, upgraded lighting and plumbing fixtures, tub-to-ceiling tile surround in master bath, ceiling fans, new baseboards, two-tone paint, new blinds and crown molding in the living and dining areas. The communities offer fitness centers with separate spin and yoga rooms, renovated resident clubhouses and heated swimming pools. Ascend at Kierland also features a putting green, dog park and electric car charging station, while Elite North Scottsdale features a new swimming pool, dog park and package locker system. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

September 8, 2021

Acquisitions Arizona Multifamily Western

Decron Properties Buys Broadstone Grand Multifamily Community in Phoenix for $106.5M

by Amy Works September 8, 2021

PHOENIX — Decron Properties has purchased Broadstone Grand, a multifamily property located at 1003 W. Washington St. in Phoenix. Developer Alliance Residential Co. and partner Appian Capital sold the community for $106.5 million. Built in 2020, Broadstone Grand features 300 apartments; a pool area with waterfall feature and indoor-outdoor pool house; fitness center with outdoor yoga lawn and Peloton bikes; resident club room with demonstration kitchen; lounge and fireplace; and outdoor gourmet grilling areas. Additionally, the community’s gaming lounge offers a pool table, shuffleboard table, arcade games and entertainment island for resident events. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers in the transaction.

September 8, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Negotiates $42M Sale of Solano Pointe Apartments in Glendale, Arizona

by Amy Works September 7, 2021

GLENDALE, ARIZ. — ABI Multifamily has arranged the sale of Solano Pointe Apartments, a multifamily community located in Glendale. Tower 16 Capital Partners acquired the property from an undisclosed, Arizona-based seller for $42 million, or $152,174 per unit. Built in 1983, Solano Pointe features 276 apartments in 18 rental buildings on a 10.1-acre site. The unit mix consists of 68 studio units, 168 one-bedroom/one-bath units, 16 two-bedroom/one-bath units and 24 two-bedroom/two-bath units. Individual units feature air conditioning, private patio/balcony in select units, large and/or walk-in closets and all-electric kitchens. Community amenities include three swimming pools, a dedicated leasing office, three laundry facilities, new poolside barbecue grill areas and a children’s playground area. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

September 7, 2021

Arizona Loans Multifamily Western

Tower Capital Completes Four Multifamily Financings in Arizona Totaling $21.3M

by Amy Works September 2, 2021

PHOENIX, SCOTTSDALE AND NOGALES, ARIZ. — Tower Capital has arranged acquisition financing for four multifamily properties in Arizona. The company facilitated a $7 million bridge loan for the purchase and rehabilitation of the Portofino, a 66-unit urban multifamily property in Phoenix. Originally a Best Western Inn & Suites, the hotel was converted into a multifamily property offering 65 one-bedroom/one-bath units and one two-bedroom/one-bath unit. Community amenities include on-site tenant storage and a community pool. The undisclosed borrower, which acquired the property in an off-market transaction, plans to implement a capital improvements program. Tower Capital secured $5.4 million in acquisition financing to an undisclosed borrower for the acquisition of Hayden Apartments, a two-story, 25-unit, garden-style property in Scottsdale. The five-year, interest-only loan carries a 3.2 percent fixed interest rate and 65 percent loan-to-value ratio. The apartment community was built in 1977 and renovated in 2020. Tower Capital facilitated $5.1 million in acquisition financing for the Filmore Apartments, a 41-unit property in Phoenix. The undisclosed borrower intends to capitalize the property by bringing the below-market rents up to market. The company also arranged $3.8 million in acquisition financing for Santa Carolina Apartments in Nogales. Built in 2005 on 6.2 acres, the two-story …

September 2, 2021

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $2.5M Sale of Agave Apartment Building in Phoenix

by Amy Works September 1, 2021

PHOENIX — Marcus & Millichap has arranged the sale of Agave, a multifamily property located at 6801 N. 17th Ave. in Phoenix. A private investor acquired the asset for $2.5 million in an all-cash transaction. The name of the seller was not released. Built 1966, Agave features 11 apartments, including seven completely renovated units, one lightly renovated unit and three unrenovated units. Additionally, eight units have private back patios. Paul Bay of Marcus & Millichap’s Phoenix office represented both parties in the transaction. Jonathan Weir and Stefan Ignjatovic of Marcus & Milichap’s South Bay office referred the buyer in the deal.

September 1, 2021

Acquisitions Arizona Loans Multifamily Western

CBRE Arranges $29.4M Acquisition Loan for 208-Unit Apartment Property in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — CBRE has secured a $29.4 million loan for InTrust Property Group to acquire Sunflower and Veranda Apartments in Glendale. Terms of the acquisition were not released. Located at 6015 and 5959 W. Olive Ave., the gated multifamily properties offer a total of 208 units ranging from 450 square feet to 1,150 square feet. Community amenities include three swimming pools, grill and picnic areas and on-site property management. The Newport Beach, Calif.-based buyer plans to upgrade all units to include stainless steel appliances, new cabinetry and quartz countertops. The loan, which was structured with a three-year term and two one-year extensions, will provide funding for the future capital improvements and renovation of the asset. Shaun Moothart, Bob Ybarra, Bruce Francis and Doug Birrell of CBRE arranged the loan for the borrower.

August 31, 2021

Arizona Development Multifamily Western

Nirvana at Zanjero Buys Medical Office Condo Project for Multifamily Conversion in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — Nirvana at Zanjero LLC has acquired Zanjero Falls, a three-story, grey-shell building at 7410 N. Zanjero Blvd. in Glendale, for $10 million. Situated on 7.5 acres, the 231,272-square-foot asset features three buildings with an underground parking facility, as well as healing gardens, water features and a large pond with bridge to the main entrance. The property was originally built in 2008 as medial and office condominiums. However, due to the Great Recession of 2008, the property’s interior was never built out and it sat idle for more than 10 years through a series of owners. The buyer is developing design, architectural plans and city approvals to build an approximately 300-unit multifamily property, offering one-, two- and three-bedroom units, on the site. The first phase of construction, which is to build out the existing shell building, is slated for completion in the fourth quarter of 2022, and the second phase that includes building new detached buildings is scheduled for completion by spring/summer 2022. Sharat (Shaun) Kanaka of Paradise Valley, Ariz., represented the buyer, while Tim Dulany and Alexandra Loye of Colliers in Arizona represented the seller, SZ Real Co LCC, an Arizona limited liability company headed by a …

August 31, 2021

Acquisitions Arizona Industrial Western

CIM Group Buys 450,619 SF Industrial Building in Goodyear, Arizona

by Amy Works August 26, 2021

GOODYEAR, ARIZ. — CIM Group has purchased a newly constructed industrial building, located at 2250 S. Litchfield Road adjacent to Phoenix Goodyear Airport in Goodyear. Terms of the transaction were not released. The 450,619-square-foot, cross-dock facility features 36-foot clear heights, 190-foot truck courts and ample auto and trailer parking on a 29.2-acre site. Additionally, the property is the largest available site with rail access east of Loop 303.

August 26, 2021

Acquisitions Arizona Multifamily Western

Fringe Capital Partners Sells Hayden Apartment Property in Scottsdale to Fivey Co. for $8.3M

by Amy Works August 25, 2021

SCOTTSDALE, ARIZ. — Chicago-based Fringe Capital Partners has completed the disposition of The Hayden, a multifamily community in Scottsdale. San Francisco Bay Area-based Fivey Co. acquired the property for $8.3 million, or $330,000 per unit. Located at 2635 N. Hayden Road, the garden-style property features 25 two-bedroom/one-bath apartments spread across two two-story buildings. Community amenities include a pool, courtyard and covered parking. Fringe Capital repositioned the property, which was originally built in 1978, last year with premium finishes. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Frickle of CBRE represented the seller in the deal.

August 25, 2021

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