Arizona

Parkview Provides $28M Construction Loan for Verde at Cooley Lifestyle Center in Gilbert, Arizona

by Amy Works June 9, 2021

GILBERT, ARIZ. — Parkview Financial has provided a $28 million construction loan to Scottsdale-based Verde Gilbert LLC for the development of Verde at Cooley Station, a lifestyle center located at 17201-17361 E. Williams Field Road in Gilbert. Verde Gilbert LLC is a joint venture between three development companies led by SB2 Communities. Upon completion, the 10-building, 96,000-square-foot property will offer 44,000 square feet of retail space, 13,000 square feet of office space, 31,000 square feet of restaurant space and 8,000 square feet of fitness space. Designed to be a restaurant-centric, mixed-used project, Verde at Cooley Station will offer 25 spaces for lease and The Green, a large open outdoor lawn area with a gazebo for musical events, fitness classes, movies in the park and other activities. Loan proceeds enabled the commencement of the first phase, which includes retail and a dozen dining concepts surrounded by The Green. Some of the stores are slated to open for business in late 2021, with a planned grand opening in first-quarter 2022. The second phase will include 24,000 square feet of retail space, 12,000 square feet of office space, 3,000 square feet of restaurant space and 8,000 square feet of fitness space. The second …

June 9, 2021

Acquisitions Arizona Healthcare Office Western

Kidder Mathews Brokers Sales of Three Medical Office Buildings Near Phoenix Totaling $32.8M

by Amy Works June 8, 2021

GOODYEAR AND GLENDALE, ARIZ. — Kidder Mathews has arranged the sales of three medical office buildings located in Goodyear and Glendale for a total of $32.8 million. Michael Dupuy and Rachael Thompson of Kidder Mathews represented the undisclosed sellers in the transactions. The names of the buyers were not released. The transactions are the $7.6 million sale of the 20,235-square-foot Cornerstone Medical Center in Goodyear; the $10 million sale of the 35,893-square-foot Talavi Medical Plaza in Glendale; and the $15.2 million sale of the 52,013-square-foot Thunderbird Palms in Glendale.

June 8, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $54.5M Sale of Sundown Village Multifamily Community in Tucson

by Amy Works June 7, 2021

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sundown Village, a multifamily property located in Tucson. HSL Properties sold the asset to APRA Capital for $54.4 million, or $165,000 per unit. Built in 1984 and renovated in 1994, Sundown Village features 330 apartments, three swimming pools, a hot tub, barbecue and picnic areas, a clubhouse and 24-hour emergency maintenance service. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

June 7, 2021

Mountain-Vista-Commerce-Center-Phoenix-AZ

Acquisitions Arizona Industrial Western

Westmount Realty Capital Buys 134,713 SF Mountain Vista Commerce Center in Phoenix

by Amy Works June 7, 2021

PHOENIX — Westmount Realty Capital has purchased Mountain Vista Commerce Center, a three-building industrial property located at 14647 S. 50th St. in Phoenix. Terms of the transaction were not released. Built in 1999, the multi-tenant property features 134,713 square feet of flex industrial space. One building is configured for corporate office use built out with modern standard design and finishes. The other two buildings are configured for showroom/training and office/warehouse spaces with 18-foot, clear-height dock doors. Additionally, the property provides 517 total parking spaces and a large monument sign. At the time of sale, the property was 62 percent occupied. Cognizant Trizetto, a healthcare IT services provider, occupies 38 percent of the modern corporate office space, while six wellness- and fitness-related businesses occupy another 32 percent.

June 7, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Brokers Sale of Three Apartment Properties in Arizona Totaling $14.2M

by Amy Works June 7, 2021

PHOENIX AND SURPRISE, ARIZ. — Taylor Street Advisors has arranged the sales of three multifamily properties located in Phoenix and Surprise for a total of $14.2 million. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer, an out-of-state investor, and the undisclosed seller in the deals. The transactions include: The $5.4 million, or $200,000 per unit, acquisition of Encanto Oasis, a 26-unit property located at 1840 W. Thomas Road in Phoenix. The buyer plans to add in-unit washers/dryers and private patios to each unit and convert the laundry facilities and gym space into two additional residential units. The $3.8 million, or $209,722 per unit, purchase of The Madison, an 18-unit community located at 5624-5646 N. Sixth St. in Phoenix. The $5 million, $147,059 per unit, acquisition of Thompson Ranch, a 34-unit townhome property located at 15427 N. Jerry St. in Surprise.

June 7, 2021

Acquisitions Arizona Net Lease Office Western

Marcus & Millichap Brokers $2M Sale of Net-Leased Office Property in Surprise, Arizona

by Amy Works June 4, 2021

SURPRISE, ARIZ. — Marcus & Millichap has arranged the sale of a net-leased office building located at 12129 W. Bell Road in Surprise. A limited liability company sold the asset to an undisclosed buyer for $2 million. RISE Services Inc. occupies the 8,936-square-foot building, which was built in 2003. Chris Lund and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal.

June 4, 2021

Acquisitions Arizona Multifamily Western

Sentinel Real Estate Sells 276-Unit Apartment Property in Scottsdale to Sunroad Enterprises

by Amy Works June 3, 2021

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.

June 3, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Negotiates $69.2M Sale of Parkwood Apartments in Phoenix

by Amy Works June 2, 2021

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.

June 2, 2021

Acquisitions Arizona Loans Multifamily Western

Tower Capital Arranges $28M in Acquisition Financing for Multifamily Property in Glendale, Arizona

by Amy Works May 28, 2021

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.

May 28, 2021

Acquisitions Arizona Multifamily Southeast Tennessee

TruAmerica Multifamily Acquires Two Apartment Communities in Metro Nashville, Phoenix for $196M

by Julia Sanders May 27, 2021

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 …

May 27, 2021

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