Arizona

High Street Residential Breaks Ground on 310-Unit Smith & Rio Multifamily Community in Tempe

by Amy Works July 16, 2021

TEMPE, ARIZ. — High Street Residential has broken ground on Smith & Rio, an apartment property located at 1979 E. Rio Salado Parkway in Tempe. Situated on 3.4 acres, the five-story development will feature 310 apartments in a mix of studio, one- and two-bedroom floor plans, including a selection of one-bedroom options with additional den/home office space. Residents will have access to amenities including a fifth-floor sky lounge; two outdoor courtyards; a dog park and pet lounge; a large work-from-home area with individual workspaces; pool; spa; fitness center; and water features throughout the outdoor spaces. Construction is slated for completion in 2023.

July 16, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $9.8M Loan for Multifamily Property Acquisition in Phoenix

by Amy Works July 16, 2021

PHOENIX — Ready Capital has closed $9.8 million in financing for the acquisition, renovation and stabilization of an 84-unit, Class B apartment community located in the Central Mesa submarket of Phoenix. Upon purchase, the undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors and upgrade the property exteriors and amenities to help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan with a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

July 16, 2021

Metro-East-Valley-Commerce-Center-Mesa-AZ

Arizona Development Industrial Western

Metro Commercial, Graycor Break Ground on Five-Building Spec Industrial Project in Mesa, Arizona

by Amy Works July 14, 2021

MESA, ARIZ. — Metro Commercial Properties, with Graycor as general contractor, has broken ground on Phases III and IV of Metro East Valley Commerce Center in Mesa. The five-building, 406,575-square-foot speculative project will expand and complete Metro’s 11-building, 1.1 million-square-foot, Class A industrial park. Phases III and IV will feature up to 32-foot clear heights with dock-high and grade-level loading. The concrete-tilt buildings will range from 58,399 square feet to 112,097 square feet, with interior floorplans able to accommodate office, warehouse, manufacturing and light industrial uses. Completion is slated for late 2021. Graycor also built Phase I and II at Metro East Valley Commerce Center. Completed in 2016, Phase I totals 349,049 square feet in four buildings, while Phase II, which was completed in 2019, features 363,000 square feet spread across two buildings. All six buildings are currently fully leased. Scottsdale-based McCall & Associates is the project architect for Phases III and IV. Chris McClurg, Ken McQueen and Kurt Saulnier of Lee & Associates are the project’s leasing brokers.

July 14, 2021

Acquisitions Arizona Net Lease Restaurant Retail Western

Capstone Advisors Sells Salad and Go-Occupied Restaurant Building in Phoenix for $3.7M

by Amy Works July 12, 2021

PHOENIX — Carlsbad, Calif.-based Capstone Advisors has completed the disposition of a single-tenant building located with Ahwatukee Foothills Towne Center in Phoenix. A Nevada-based investor acquired the asset for $3.7 million. Salad and Go occupies the property under an absolute triple-net, 20-year ground lease. The restaurant opened for business at the newly constructed building in mid-June. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented Capstone in the deal.

July 12, 2021

Acquisitions Arizona Multifamily Western

Tide Equities Acquires Palm Valley Multifamily Property in Goodyear, Arizona for $71.8M

by Amy Works July 8, 2021

GOODYEAR, ARIZ. — Tide Equities has purchased Palm Valley, a multifamily property in Goodyear. Avanti Residential sold the asset for $71.8 million. Tide Equities has renamed the community Tides at Palm Valley. Built in 1997, the property features 264 apartments; two resort-style swimming pool and spa areas with covered cabanas; a fitness center; basketball court; resident clubhouse; business center; children’s playground; barbecue and picnic areas; and package lockers. Updated units offer quartz countertops, new wood-style vinyl plank flooring and carpet, interior paint, new white cabinet doors and hardware, stainless steel appliances, kitchen backsplash, new lighting fixtures and new plumbing fixtures. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

July 8, 2021

Acquisitions Arizona Multifamily Western

IPA Brokers $18.2M Sale of District Flats Off Dobson Apartments in Mesa

by Amy Works July 8, 2021

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of District Flats Off Dobson, a multifamily property located in Mesa. Rise48 Equity sold the property to a joint venture between The Souferian Group and ZMR Capital for $18.2 million, or $162,500 per unit. Built in 1975 on three acres, District Flats Off Dobson features 112 apartments, a swimming pool, barbecue grills, laundry facility, tennis court and pet play area. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

July 8, 2021

Arizona Development Multifamily Seniors Housing Western

Spellman Brady Completes Expansion at Sagewood Seniors Housing Community in Phoenix

by Amy Works July 8, 2021

PHOENIX — Spellman Brady & Co. has completed the expansion and renovation of Sagewood Senior Living in Phoenix for Life Care Services. Renovations included a four-story, 101-unit independent living building with an underground parking garage. The 276,454-square-foot building features one and two-bedroom apartments with den layouts and patio views. The project also provided activity and game rooms, an art studio, putting course, café, formal dining, an indoor-outdoor tapas bar and lounge.

July 8, 2021

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $13.5M Sale of Golden Key Apartment Building in Phoenix

by Amy Works July 7, 2021

PHOENIX — Marcus & Millichap has brokered the sale of Golden Key, a multifamily property located in Phoenix. A private investor sold the asset to a fund manager for $13.5 million. Located at 3675 W. Osborn Road, Golden Key features 91 apartments. The community spaces and three of the units at the 62,323-square-foot property have been renovated. Paul Bay and Darrell Moffitt of Marcus & Millichap represented the seller and procured the buyer in the deal.

July 7, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges Sale of 14,820 SF Walgreens-Occupied Building in Maricopa, Arizona

by Amy Works July 1, 2021

MARICOPA, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located on 1.7 acres at the intersection of North John Wayne Parkway and West Smith Enke Road in Maricopa. An out-of-state buyer acquired the asset from the estate of a Northern California family for $5.7 million. Walgreens occupies the 14,820-square-foot retail building on a net-leased basis. Sanford Burstyn of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

July 1, 2021

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Negotiates $74.5M Sale of Centra Apartment Community in Midtown Phoenix

by Amy Works June 30, 2021

PHOENIX — Cushman & Wakefield has arranged the sale of Centra, a multifamily property located at 306. N. Central Ave. in midtown Phoenix. San Diego-based MG Properties acquired the community from Fore Property Co. for $74.5 million. Built in 2020, Centra features 223 apartments in a mix of 93 one-bedroom and 130 two-bedroom units; a swimming pool and spa; cabanas; outdoor grilling stations; a fitness center with a yoga, spin and weight room; a gaming lounge with billiards, arcade games and shuffleboard; and a rooftop social lounge with city views. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.

June 30, 2021

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