Arizona

KeyBank Arranges $140.3M Refinancing for Three Multifamily Properties in Utah, Arizona

by Amy Works November 8, 2019

SANDY AND LAYTON, UTAH, AND FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured a $140.3 million in Fannie Mae Credit Facility for Centerville, Utah-based Keller Investment Properties. The borrower will use the facility, which is expandable to additional properties, to refinance three multifamily assets in Utah and Arizona. The properties are Park at City Center in Sandy, Quail Cove Apartments in Layton and Woodcrest Apartments in Flagstaff. Brain Caudel of KBREC’s Commercial Mortgage Group and Devin Jolley of KBREC’s Income Property Group structured the financing.

November 8, 2019

Acquisitions Arizona Multifamily Western

CW Capital Sells 192-Unit Value-Add Apartment Complex in Arizona for $13.9M

by Amy Works November 6, 2019

SIERRA VISTA, ARIZ. — CW Capital Commercial Real Estate Services has completed the disposition of Montego Bay Apartments, a value-add multifamily property located at 409 S. Lenzner Ave. in Sierra Vista. DLP Capital Partners acquired the asset for $13.9 million. Constructed in 1997, Montego Bay Apartments consists of 12 two-story apartment buildings, offering a total of 134,288 rentable square feet. Situated on nine acres, the property features 192 apartments and was 99 percent occupied at the time of sale. Karl Albert and Darren Tappen of Kidder Mathews represented the seller in the deal.

November 6, 2019

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $4.1M Sale of Youngtown House Apartments in Suburban Phoenix

by Amy Works November 6, 2019

YOUNGTOWN, ARIZ. — Marcus & Millichap has negotiated the sale of Youngtown House Apartments, a multifamily property located at 11141 W. Arizona Ave. in Youngtown, a city 20 miles northwest of Phoenix. An undisclosed buyer acquired the community for $4.1 million, or $64,063 per unit. Built in 1970, Youngtown House Apartments features 64 units and is close to a variety of retailers, including Fry’s Food and Drug, Taco Bell, Subway, Starbucks Coffee and QuikTrip. Rich Butler and Sean Connolly of Marcus & Millichap represented the buyer and undisclosed seller in the deal.

November 6, 2019

Acquisitions Arizona Multifamily Western

CBRE Arranges $46M Sale of FIVE46 Apartments Near Phoenix

by Amy Works November 5, 2019

MESA, ARIZ. — CBRE has brokered the sale of FIVE46, a multifamily community located at 546 S. Country Club Road in Mesa. S2 Capital acquired the property from a joint venture between Security Properties and funds managed by Oaktree Capital Management for $46 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers. Rocco Mandala of CBRE Debt & Structured Finance arranged acquisition financing for the buyer. FIVE46 features 320 apartments, two swimming pools, a resident clubhouse, 24-hour fitness center, lighted dog park, soccer field, children’s playground and picnic areas with barbecue grills.

November 5, 2019

Acquisitions Arizona Office Western

Velocis Acquires Kierland One Office Building in Scottsdale from Hines, PCCP

by Amy Works October 30, 2019

SCOTTSDALE, ARIZ. — Dallas-based Velocis has purchased Kierland One, a Class A office building located in Scottsdale. Hines, along with PCCP as joint venture equity partner, sold the 175,441-square-foot property for an undisclosed price. Situated in Scottsdale’s Airpark submarket, the four-story Kierland One is 90 percent leased and features institutional-quality construction and finishes, including a remodeled, two-story lobby, new tenant improvements and high-end spec suites. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. CBRE’s Luke Walker, Brad Anderson and Mike Strittmatter will continue to handle leasing for the property under the new ownership. Hines will continue to serve as property manager to Kierland One.

October 30, 2019

Arizona Loans Multifamily Western

Hunt Real Estate Capital Provides $35M in Refinancing for Manufactured Housing Asset in Arizona

by Amy Works October 30, 2019

TEMPE, ARIZ. — Hunt Real Estate Capital has funded a $35 million Freddie Mac conventional multifamily loan for the refinancing of Contempo Tempe, a manufactured housing community located in Tempe. The name of the borrower was not released. The new loan will refinance existing debt and includes a cash out that will be used to acquire additional manufactured housing properties. The loan has a 10-year term amortizing over 30 years, and three years of interest-only payments. Age-restricted to residents age 55 or older, the 454-pad community features three single-story buildings containing the clubhouse/leasing office, fitness center and maintenance building. Built in 1974, the property underwent recent capital improvements including signage updates, a pool remodel, exterior painting, clubhouse A/C replacement, spa heater replacement, security cameras and upgraded power pedestals. The borrower plans to renovate the existing shuffleboards into a two-court pickleball arena with shaded bleachers. Tom Houlihan of Phoenix-based Sterling Mortgage and Investment arranged the financing for the borrower.

October 30, 2019

West-Thunderbird-Mini-Storage-El-Mirage-AZ

Acquisitions Arizona Industrial Self-Storage Western

Cushman & Wakefield Arranges $4.1M Sale of West Thunderbird Mini Storage in El Mirage, Arizona

by Amy Works October 29, 2019

EL MIRAGE, ARIZ. — Cushman & Wakefield has brokered the $4.1 million sale of West Thunderbird Mini Storage, a self-storage facility in El Mirage. Paul Boyle and Rick Danis of Cushman & Wakefield represented the undisclosed buyer and seller in the deal. Located at 12500 W. Thunderbird Road, West Thunderbird Mini Storage totals 400 units. Built in 2002, the 45,230-square-foot property features on-site management, drive-up access, air-controlled units, perimeter fencing, gate entry, surveillance cameras and RV, car and boat parking. At the time of sale, the property was 94 percent occupied.

October 29, 2019

Acquisitions Arizona Multifamily Western

ColRich Multifamily Sells Plaza 550 Multifamily Asset in Phoenix for $11.8M

by Amy Works October 28, 2019

PHOENIX — San Diego-based ColRich Multifamily has completed the disposition of Plaza 550, an apartment property located at 550 E. Earll Drive in Phoenix. B&R Capital Partners acquired the asset for $11.8 million. Constructed in 1973, Plaza 550 consists of 92 one-bedroom units, 15 of which have undergone interior renovations to include energy-efficient appliances, modern lighting and plank flooring, as well as upgraded kitchen and bath countertops, backsplashes and hardware. Brad Goff, Brett Polacheck and Chris Canter of Newmark Knight Frank represented the seller in the deal.

October 28, 2019

Arizona Development Multifamily Western

Leon Capital Breaks Ground on 380-Unit Soltra at SanTan Village in Arizona

by Amy Works October 25, 2019

GILBERT, ARIZ. — Dallas-based Leon Capital Group has started construction of Soltra at SanTan Village, a Class A multifamily community located at the intersection of SanTan Village Parkway and Ray Road in Gilbert. Situated on 14.2 acres, Soltra at SanTan Village will feature 380 apartments spread across six three- and four-story buildings. With a variety of floorplans, units will feature nine- and 10-foot ceilings, urban mudrooms, smart locks, walk-in showers and soaking tubs, quartz countertops, stainless steel appliances, wood-plank vinyl flooring and ample private garages. The first units are slated for delivery in early 2021. Community amenities will include a 1,900-square-foot, third-floor sky terrace with fully equipped chef’s kitchen; a private resident’s club and sports bar with kitchen and a multiscreen television wall; a “bark park” with pet spa and grooming station; two-tiered, negative-edge resort pool with swim-up hospitality and entertainment area; and private poolside cabanas. Additionally, the community will feature a two-story fitness and wellness center, a conference room and workspace, and a Luxor parcel reception kiosk. The project team includes McShane Construction Co., Todd & Associates, Sustainable Engineering Group and AndersonBaron. Brennan Ray of Birch & Cracchiolo served as zoning attorney, while Zach Pace of Phoenix Commercial Advisors …

October 25, 2019

Acquisitions Arizona Multifamily Nevada Utah Western

Next Wave Investors Acquires 380 Multifamily Units in Phoenix, Salt Lake City, Las Vegas

by Amy Works October 25, 2019

PHOENIX, SALT LAKE CITY AND LAS VEGAS — Next Wave Investors has expanded its investments in the Western United States with the purchase of 380 multifamily units spanning four apartment communities. Details of the transactions were not released. The properties are the 96-unit La Estrella Vista and 149 units of the 160-unit Westover Parc in Phoenix; the 63-unit Townhomes at Mountain Ridge in Salt Lake City; and the 72-unit Bella Vida in Las Vegas. Next Wave plans to implement capital upgrades at each property, including significant exterior and interior renovations at all properties except Bella Vida, which will undergo only interior unit renovations.

October 25, 2019

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