Arizona

IPA Arranges Sale of Parc Roundtree Ranch Apartments in Metro Phoenix for $88.8M

by Julia Sanders July 23, 2021

PEORIA, ARIZ. — Institutional Property Advisors has arranged the sale of Parc Roundtree Ranch, a 275-unit apartment property in Peoria, approximately 13 miles north of Phoenix. The property sold for $88.8 million, or $322,909 per unit. Gebing and Cliff David of IPA represented the seller, Evergreen Devco Inc., and procured the buyer, Bridge Investment Group. Completed in 2021, Parc Roundtree Ranch is located northeast of the Westgate Entertainment District, a mixed-use development in Glendale with more than 20 restaurants, retailers and entertainment venues including Yard House, Saddle Ranch, Buffalo Wild Wings and a 20-screen AMC movie theater. The Westgate district is anchored by Gila River Arena, which is the home to the National Hockey League’s Arizona Coyotes. Additionally, the apartment property is located next to Roundtree Park, a public community park with grills, a picnic area, a playground and a soccer field. The apartment community is close to the Loop 101 freeway and U.S. 60, and has access to employment hot spots such as Southwest Valley, Midtown and downtown Phoenix. Additionally, there are approximately 7,300 businesses within a 10-mile radius of the property. “The West Valley’s combination of durable jobs and growth in the distribution and industrial sectors has provided …

July 23, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $4.8M Sale of Planet Fitness-Occupied Property in Tucson

by Amy Works July 23, 2021

TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of a retail building located at 4755 S. Calle Santa Cruz within Tucson Spectrum in Tucson. A limited liability company acquired the property from another limited liability company for $4.8 million. Planet Fitness occupies the 25,000-square-foot property, which was built in 2018, under a net lease. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the transaction.

July 23, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $28.1M Loan for Multifamily Acquisition in Phoenix

by Amy Works July 23, 2021

PHOENIX — Ready Capital has closed $28.1 million in financing for the acquisition, renovation and stabilization of an apartment in the South West Valley submarket of Phoenix. Upon purchase, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, refine curb appeal, upgrade exteriors and improve landscaping that will help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

July 23, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $43.6M in Financing for Multifamily Property in Glendale, Arizona

by Amy Works July 21, 2021

GLENDALE, ARIZ. — Ready Capital has closed $43.6 million in financing for the acquisition, renovation and stabilization of an apartment community located in Glendale’s South West Valley submarket. Upon purchase, the undisclosed borrower will implement a capital improvement plan to renovate unit interiors, refine curb appeal, upgrade exteriors and improve landscaping that will help drive the 307-unit, Class B property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment, an earn-out option and a facility to provide future funding for capital expenditures.

July 21, 2021

Arizona Development Healthcare Western

McCarthy Building Cos. Completes 96-Bed Care Tower at Chandler Regional Medical Center in Arizona

by Amy Works July 20, 2021

CHANDLER, ARIZ. — McCarthy Building Cos. and Devenney Group Architects, together serving as the design-build team, have completed Tower D, a patient-care tower at Dignity Health Chandler Regional Medical Center in Chandler. The new facility is scheduled to open to patients in early August. Tower D will serve as the hospital’s main entrance and add 96 patient-care beds, bringing Chandler Regional’s total bed count to 429. The first floor houses the new main hospital entrance and lobby, patient admitting, cardiac rehabilitation, ambulatory therapy unit, gift shop and chapel. The second floor features a surgery registration area, pre-operation and post-anesthesia care units, and 24 thoracic patient rooms. The third and four floors house 36 intensive care rooms and 36 standard patient units, respectively. The fifth floor is shell space for future patient-care beds, while the basement houses the pharmacy, materials management department and a loading dock. Additionally, the construction project included a new parking structure with additional surface parking to accommodate more than 1,100 vehicles, along with renovations to existing space that will allow for eight new surgical suites and an expansion of outpatient services and operational departments. The design-build team will remain on site through spring 2020 to complete the …

July 20, 2021

Arizona Loans Multifamily Western

Tower Capital Arranges $59M in Refinancing for Apartment Asset in Goodyear, Arizona

by Amy Works July 19, 2021

GOODYEAR, ARIZ. — Tower Capital has secured $59 million in refinancing for a Class A multifamily community located in Goodyear. The name of the borrower was not released. Provided by a debt fund/life company, the loan features a 70 percent loan-to-value ratio and a 10-year fixed term with five years of interest-only payments followed by a 30-year amortization schedule. At the time of financing, the property was more than 96 percent occupied.

July 19, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $36.7M Loan for Multifamily Community in Phoenix’s Deer Valley

by Amy Works July 19, 2021

PHOENIX — Ready Capital has closed $36.7 million in financing for the acquisition, renovation and stabilization of a 240-unit apartment property located in Phoenix’s Deer Valley submarket. Upon purchase, the undisclosed borrower plans to fully renovate the remaining legacy units of the property and upgrade exteriors and common areas to help drive the property to stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

July 19, 2021

Arizona Development Multifamily Western

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

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