SCOTTSDALE, ARIZ. — Sentinel Real Estate Corp. has completed the disposition of The Paragon at Kierland in Scottsdale to San Diego-based Sunroad Enterprises for an undisclosed price. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller in the deal. Built in 2000, The Paragon at Kierland features 276 apartments, a lagoon-style swimming pool with private cabanas, an outdoor kitchen area with TV and fire pit, a fitness center and a resident clubhouse.
PHOENIX — ABI Multifamily has arranged the sale of Parkwood Apartments, a multifamily property in Phoenix. The asset sold for $69.2 million, or $201,30 per unit. The names of the seller and buyer were not released. Built in 2001, Parkwood Apartments consists of 23 residential buildings offering a total of 344 units in a mix of 48 one-bed/one-bath, 48 two-bed/one-bath, 144 two-bed/two-bath and 104 three-bed/two-bath units. All apartments include washers/dryers, air conditioning/heating, vaulted ceilings, private patios, additional storage and fully equipped kitchens. Community amenities include a rental office, fitness center, pool/spa, playground, barbecue grills, picnic area, gated entry and residential parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the seller and buyer in the deal.
GLENDALE, ARIZ. — Tower Capital has arranged $28 million in acquisition financing for an apartment community located in Glendale. The firm provided a 10-year permanent acquisition loan with a five-year fixed interest rate and one year of interest-only payments. The name of the borrower was not released. The 276-unit property features a residential clubhouse, two swimming pools, a fitness facility and covered parking. The community features 28 one-bedroom/one-bath units, 208 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, with an average size of approximately 858 square feet. The borrower acquired the asset in an off-market transaction and plans to upgrade the property’s exterior and common areas.
FRANKLIN, TENN. AND PHOENIX, ARIZ. — TruAmerica Multifamily has acquired two garden-style communities in Phoenix and Nashville’s Cool Springs district in separate transactions totaling $196 million. The two properties add about 1,000 apartments to the company’s national multifamily portfolio. The 435-unit Phoenix property is dubbed The Urban. Built in 2005, the property is located at 3601 E. McDowell Road and features floorplans that range in size from studio to three-bedroom, two-bathroom units. Community amenities include two swimming pools, an outdoor kitchen, fitness center and community green space. The Urban is the second acquisition in Phoenix this year for TruAmerica, after purchasing The Bella, a 200-unit, garden-style community on the city’s north side. The metro Nashville property is Viera Cool Springs, a 468-unit property built in 1987. Acquired in an off-market transaction from Miami-based Lindemann Multifamily, Viera Cool Springs is located at 300 Royal Oaks Boulevard in Franklin, 25 miles south of downtown Nashville. The property has one- and two-bedroom apartment homes that are situated in 38 two-story buildings on a 36.5-acre site. Community amenities include lighted tennis courts, two swimming pools, resident clubhouse and business center, yoga studio and fitness center. Viera Cool Springs is TruAmerica’s second investment in metro …
MESA, ARIZ. — ZMR Capital has purchased District Flats Off Dobson, its first multifamily acquisition in the metro Phoenix area. An undisclosed seller sold the property for $18.2 million in an off-market transaction. Located at 1045 S. San Jose St. in Mesa, District Flats Off Dobson features 112 apartments in a mix of studio and one-bedroom layouts. ZMR plans to renovate the property, which has not undergone significant renovations since it was built in 1975. The company plans to improve curb appeal and upgrade units with new countertops, cabinetry, stainless steel appliances and plank flooring as leases expire. Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.
GLENDALE, CHANDLER, MESA, TEMPE AND PHOENIX, ARIZ. — Progressive Real Estate Partners has arranged the sale of six single-tenant Sunrise Preschool locations in Arizona for a combined total of $16.9 million. Brad Umansky and Mike Lin of Progressive, in cooperation with Ginger Orsi of S.J. Fowler Real Estate, represented the seller in the deals. The transactions include: The $2.6 million sale of an 8,500-square-foot location at 5801 W. Mohawk Lane in Glendale. The $2.3 million sale of a 7,000-square-foot preschool at 1114 W. Elliot Road in Chandler. The $3.8 million sale of an 8,775-square-foot property at 102 N. Lindsey Road in Mesa. The $3.4 million sale of a 12,485-square-foot location at 1365 S. Gilbert Road in Mesa. The $2.5 million sale of a 7,000-square-foot asset at 4110 W. Northern Ave. in Phoenix. The $2.3 million sale of a 7,000-square-foot building at 800 E. Minton Drive in Tempe.
TEMPE, ARIZ. — Taylor Street Capital Partners has structured a $3 million bridge loan for the acquisition and renovation of a 20-unit apartment community in Tempe. Nick Martinez and Chris Nuccio of Taylor Street closed the loan for the undisclosed borrower. The fixed-rate financing, with interest-only payments, features an 80 percent loan-to-cost ratio. A private lender looking to deploy capital in the Sunbelt markets provided the capital.
SCOTTSDALE, ARIZ. — Banyan Residential has received a $101.5 million construction loan for the residential phase of Scottsdale Entrada, a mixed-use development located at 64th Street and McDowell Road in Scottsdale. Wells Fargo Bank provided the loan. Designed by Todd & Associates, the 515-unit residential component will offer resort-style pools, a fitness center, mobile workspace areas, a game room and deck spaces with views of the Papago Buttes and McDowell Mountains. Situated on 33 acres, Scottsdale Entrada will feature more than 250,000 square feet of office space, 7,500 square feet of retail space and 735 apartments, as well as public gathering spaces, jogging trails, a dog park and direct access to the Arizona Cross Cut Canal. Banyan acquired the development site in December 2019 and broke ground on the project in March 2020. The office component and first phase of the residential units are slated for completion in fourth-quarter 2021.
PHOENIX — An affiliate of Walton Street Capital has originated a $71.6 million loan to Knightvest Capital for the purchase of Portrait at Hance Park, an apartment community located at 1313 N. Second St. in downtown Phoenix. Terms of the acquisition were not released. Built in 2019, the mid-rise property features 340 apartments averaging 863 square feet with nine- to 10-foot ceilings; quartz counter and vanity tops; designer backsplashes; brushed nickel fixtures; in-unit washers/dryers; tile plank flooring in the kitchen and bathrooms; and stainless steel appliances. Community amenities include two swimming pools with spas; fireplaces; private seating areas; a second-floor, open-air terrace and game room; an aqua lounge with a gourmet demonstration kitchen; a TKO fitness center’ business center; resident lounge; and landscaped courtyard with outdoor grills.
FLAGSTAFF, ARIZ. — Walker & Dunlop has arranged debt and equity financing for the purchase of The Bungalows on Pine Cliff, a build-for-rent housing developing in Flagstaff. The structured transaction includes $37.6 million in bridge financing as part of a joint venture partnership. St. Clair Holdings is the borrower. Heather McClure of Walker & Dunlop’s Build-for-Rent (BFR) team advised the borrower and identified New York City-based Dome Equities as a capital partner for the project. Dave Hendrickson and Pat Modig of Walker & Dunlop’s Capital Markets group identified the opportunity and collaborated with the firm’s BFR and structured finance teams to provide the full capital solution. Developed in 2020, Bungalows on Pine Cliff features detached one-, two- and three-bedroom rental homes averaging 1,097 square feet. Community amenities include a leasing center, clubhouse, modern kitchen, fitness center, dog washing station, gas fire pits with seating areas, bocce ball court, dog park, barbecues and two electric car charging stations.
