Arizona

Barker Pacific Group, Artemis Real Estate Partners Buy 2,189-Unit Self-Storage Portfolio Near Phoenix

by Amy Works February 11, 2021

PHOENIX AND GILBERT, ARIZ. — A joint venture between Barker Pacific Group and Artemis Real Estate Partners has purchased three self-storage facilities in Gilbert and North Phoenix. Terms of the transaction were not released. Totaling 234,350 square feet, the newly built portfolio features 2,189 climate-controlled self-storage units. Two properties are located in Gilbert and one is situated in the Tramonto neighborhood of Phoenix. This acquisition marks the joint venture’s second foray into the Phoenix market bringing its total to four self-storage facilities acquired by the partnership.

February 11, 2021

Acquisitions Arizona Multifamily Western

Millburn & Co. Acquires Heritage at Deer Valley Apartments in Phoenix for $178.5M

by Amy Works February 10, 2021

PHOENIX — Salt Lake City-based Millburn & Co. has purchased Heritage at Deer Valley, a multifamily community located at 3010 W. Yorkshire Drive in Phoenix. West Palm Beach, Fla.-based Priderock Capital Partners sold the asset for $178.5 million. Built in two phases in 1996 and 2000, Heritage at Deer Valley features 832 apartments in a mix of one-, two- and three-bedroom units. Community amenities includes three resort-style pools, two spas, two sand volleyball courts, a 24-hour fitness center, dance studio, resident clubhouse, two outdoor playgrounds, a dog park, putting green and several barbecue and picnic areas. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

February 10, 2021

Acquisitions Arizona Multifamily Western

Berkadia Brokers $23M Sale of The Madison Multifamily Property in Downtown Mesa, Arizona

by Amy Works February 8, 2021

MESA, ARIZ. — Berkadia has arranged the sale of The Madison, a garden-style apartment community located in Mesa. Southern California-based Westgrove Partners sold the asset to an undisclosed buyer for $23 million. Located at 520 N. Mesa Drive, The Madison features 96 apartments in a mix of two-, three- and four-bedroom floor plans with oversized private patios or balconies and washers/dryers. Community amenities include a fully renovated clubhouse/leasing center, swimming pool, laundry facility, covered parking and an outdoor area with grilling stations. Dan Cheyne, Ric Holway and Mark Forrestor of Berkadia’s Phoenix office represented the seller in the deal.

February 8, 2021

Acquisitions Affordable Housing Arizona Multifamily Western

JB Partners Buys Cabana on Washington Apartments in Phoenix for $45.3M

by Amy Works February 3, 2021

PHOENIX — JB Partners has purchased Cabana on Washington, a transit-oriented apartment complex located in Phoenix, from Greenlight Communities for $45.3 million, or $200,442 per unit. The purpose-built, “attainable housing” property features 226 apartments, with units averaging 603 square feet. The location is within walking distance of the Valley Metro light rail, which offers access to Phoenix Sky Harbor Airport, downtown Phoenix, North Tempe and Arizona State University. Situated on six acres, the property was built in 2020. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

February 3, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $46.7M Sale of Grove Deer Valley Apartments in Phoenix to Private Buyer

by Amy Works February 2, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Grove Deer Valley, a multifamily property located in Phoenix. A private buyer acquired the community from a partnership between RedHill Realty Investors and Shelter Asset Management for $46.7 million, or $224,759 per unit. Built in 1996 on nine acres, The Grove Deer Valley features 208 apartments in a mix of one-, two- and three-bedroom layouts. All units offer full-size washers/dryers, walk-in closets and private patios or balconies with extra outside storage. Community amenities include controlled access gated entry, a fitness center, resort-inspired swimming pool, entertainment area with gas barbecue grills and fire pit, a locker system for packages and community dog park. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 2, 2021

Arizona Development Multifamily Western

LIV Development, McShane Construction to Build 242-Unit Multifamily Project in Phoenix

by Amy Works February 1, 2021

PHOENIX — Birmingham, Ala.-based LIV Development and McShane Construction Co. are developing an apartment community on 10.8 acres in Phoenix. The three-story, multi-building community will feature 242 apartments in a mix of studio, one- and two-bedroom layouts. Units will offer vinyl plank and carpet flooring, granite countertops, full-height kitchen backsplash tile, stainless steel appliances and lots of natural light. Additionally, the property will feature 1.5 acres of shared amenity space, including a 4,000-square-foot clubhouse, swimming pool, dog park and courtyards offering outdoor seating, barbeque areas and cabanas. Humphreys & Partners Architects is the architect of record for the project, which is slated for completion in August 2022.

February 1, 2021

Acquisitions Arizona Industrial Western

Kanasardas Investment Acquires Single-Tenant Industrial Facility in Chandler, Arizona for $10M

by Amy Works February 1, 2021

CHANDLER, ARIZ. — Orange County, Calif.-based Kanasardas Investment has purchased a Class A industrial property located at 3167 W. Armstrong Place in Chandler. An undisclosed seller sold the property for $10 million. Will Strong, Phil Haenel, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Built in 2010, the 62,415-square-foot property is fully leased on a long-time basis to a regional credit tenant, one of the nation’s largest integrated designers, manufacturers and installers of products for the commercial building envelope.

February 1, 2021

Arizona Development Industrial Office Western

Graycor Completes 120,294 SSF Gilbert Spectrum V Flex Building in Arizona for Northrop Grumman

by Amy Works January 29, 2021

GILBERT, ARIZ. — On behalf of SunCap Property Group, Graycor Construction Co. has completed Gilbert Spectrum V, a flex office and industrial building located at 1715 W. Elliott Road in Gilbert. The two-story, 120,294-square-foot building adds to the expansion of Northrop Grumman’s multi-building satellite manufacturing campus in Gilbert. The building features 15-foot floor-to-floor elevations; state-of-the-art interior common areas and workspaces; and an outdoor employee amenity area with landscaping, shade canopies and seating. Additionally, the building offers a flagstone veneer exterior accented with steel canopies and 602 covered and surface parking spaces, including four electric vehicle charging stations. Graycor is completing Northrop Grumman’s interior build-out of Building V in two phases, with final delivery scheduled during first-quarter 2021. Balmer Architectural Group is serving as the building architect and Gensler is the tenant improvement architect. Bowman Consulting Group is serving as civil engineer. Gilbert Spectrum Building V is the latest property completed by SunCap and Graycor at the 63-acre Gilbert Spectrum Business Park. Already completed buildings include Northrop Grumman’s original 58,289-square-foot office building (delivered in 2017) and a 135,745-square-foot, 32-foot clear height manufacturing building leased to off-road vehicle supplier SDHQ Off Road, Pella Windows and disinfectant wipe manufacturer GPMI. At build out, …

January 29, 2021

Arizona Development Industrial Western

LPC Buys Development Site in Phoenix for 321,873 SF Industrial Project Known As Buckeye85

by Amy Works January 27, 2021

PHOENIX — LPC Desert West has purchased nearly 20 acres in the Interstate 10 corridor for the development of Buckeye85, an industrial project in Phoenix. The 321,873-square-foot Class A property will offer location, flexibility and creative industrial amenities targeted for mid-size users focused on creating an omnichannel marketplace, according to LPC. Situated at the southwest corner of 103rd Avenue and Buckeye Road/MC-87 Highway, Buckeye85 will feature spaces divisible to 100,000 square feet, 36-foot clear heights, full concrete truck courts, a 94-door cross-dock configuration and freezer/cooler capabilities. Additionally, the development will offer touchless technology throughout; clerestory windows offering natural light; shaded and landscaped areas; built-in barbecue equipment; and seating for outdoor relaxing, dining and games. Construction is slated to begin in April with delivery by year-end 2021. Butler Design Group is serving as architect and Hunter Engineering is serving as civil engineer.

January 27, 2021

Acquisitions Arizona Multifamily Western

Next Wave Investors Buys The Grove on Glendale Apartments in Phoenix for $25.5M

by Amy Works January 26, 2021

PHOENIX — Next Wave Investors has acquired The Grove on Glendale, a for-rent townhome community located in North Central Phoenix, for $25.5 million. Located at 917 W. Glendale Ave., the 56-unit property consists of two-story townhomes offering a mix of three-bedroom/two-and-a-half-bathroom and four-bedroom/three-and-a-half-bathroom layouts, averaging 1,840 square feet. Each residence includes walk-in closets, large bedrooms, in-unit washers/dryers, a two-car private garage and fenced-in backyard. Community amenities include a swimming pool. Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang of ABI Multifamily represented the buyer and seller, an Arizona-based private investment developer, in the deal.

January 26, 2021

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