Arizona

PHOENIX — Taurus Investment Holdings has purchased an apartment property located in Phoenix’s northwest region for $42 million. The buyer will rebrand the Class B property, which was previously known as Rise Metro, as Raystone. Built in 1981, Raystone features 160 units. Through its energy-focused subsidiary, RENU Communities, Taurus plans to transition Raystone to a low-carbon, energy-efficient multifamily complex by replacing all HVAC units with highly efficient air-source heat pumps, replacing existing electric water heaters with heat pump water heaters, implementing an energy monitoring system in each unit, upgrading lighting and installing solar panels.

PHOENIX — ABI Multifamily has arranged the sale of Rise Metro Apartments, a multifamily property located at 2045 W. Butler Drive in Phoenix. Arizona-based Rise48 Equity sold the asset to a Massachusetts-based buyer for $42 million, or $262,500 per unit. Built in 1981, Rise Metro Apartments features 160 garden-style units in a mix of 72 one-bedroom/one-bath, 36 two-bedroom/one-bath, 40 two-bedroom/two-bath and 12 three-bedroom/two-bath layouts. Each unit is individually metered for electricity and features individual HVACs. Unit amenities include a patio or balcony, ceiling fans, fireplaces in select units, walk-in closets in select units, extra storage space and high-speed internet/cable access. Additional unit amenities include refrigerators, dishwashers, garbage disposals and stacked washers/dryers. Community amenities include a swimming pool and spa, fitness center, business center, basketball court, barbecue/picnic area and dog walk. 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.

PHOENIX — Decron Properties has acquired Ascent at Papago Park, an apartment property located at 4950 E. Van Buren St. in Phoenix, for $107.5 million. The 270-unit community features one-, two- and three-bedroom floor plans spread across 14 two-story residential buildings. It was built in 2007 The buyer plans to undertake a two-phase capital improvement program. The first phase will include upgrading the common areas and amenities and addressing any needed repairs or upgrades to the property’s infrastructure. The second phase will include an extensive renovation of all units, including installation of updated cabinetry, countertops and appliances. The seller was not disclosed.