MESA, ARIZ. — Kasten Long Commercial Group has arranged the sale of Siena Apartments, a multifamily property located at 4520 E. Baseline Road in Mesa. An undisclosed buyer acquired the 291,000-square-foot property for $49 million, or $139,205 per unit. Built in 1986, the 352-unit property features 160 one-bedroom/one-bath units, 168 two-bedroom/one-bath and 24 three-bedroom/two-bath units, with an average square footage of 827. Linda Fritz-Salazar and Scott Trevey of Kasten Long Commercial negotiated the transaction. The name of the seller was not released.
TEMPE, ARIZ., AND CORVALLIS, ORE. — Providence, R.I.-based Gilbane Development Co. has announced the launch of two new developments in Arizona and Oregon as part of five recently announced projects across the United States. The five properties total over 3,500 beds, with project costs valued at more than $400 million. In Tempe, Ariz., Gilbane is developing Alor, a three-building, purpose-built student housing and market-rate/workforce housing property. Situated 1,000 feet from Arizona State University’s Tempe campus, the property will feature 946 student beds and 64 units of market-rate/workforce apartments, as well as 12,000 square feet of retail space and a structured parking garage. On-site amenities will include a rooftop swimming pool; courtyard swimming pool; 25,000-square-foot rooftop amenity deck and sky lounge; 6,000-square-foot open-air fitness center with cardio, full weights and a fitness/yoga center; outdoor courtyards with fire pits and cabanas; spa; central clubhouse; 24-hour study lounges; game rooms; and a computer lab. Adjacent to the southeast corner of Oregon State University’s campus in Corvallis, Ore., Gilbane’s Sierra will feature 228 student housing units, a heated pool, clubhouse, fitness center, game room, group study rooms, structured parking, garage and three courtyards. Additionally, the property is located a few blocks from downtown Corvallis. …
PHOENIX — Newport Beach, Calif.-based Bixby Land Co. has purchased Riverside @ 51st Avenue, an industrial property located at 2300 S. 51st Ave. in Phoenix. BLC Industrial Venture I – CO 3 LLC, WFG Riverside LLC and Pacifica Riverside LLC — a group of tenant-in-common entities — sold the property for $27.2 million, or $81.15 per square foot. Situated on 19.3 acres, the 335,459-square-foot facility was developed in 2007. At the time of acquisition, the property was 95 percent occupied. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield negotiated the deal.
ORO VALLEY, ARIZ. — Commercial Retail Advisors has arranged the acquisition of Safeway Vistoso Plaza, a retail property located in Oro Valley, a suburb approximately six miles north of Tucson. Brentwood Developments acquired the property from SB Vistoso Shopping Center LLC for $10 million. The acquisition includes 34,770 square feet of 100 percent occupied inline retail space at 12112, 12142 and 12115 N. Rancho Vistoso Blvd. The property also features a 55,000-square-foot Safeway, which was not included in the sale. Craig Finfrock of Commercial Retail Advisors represented the buyer, while Robert Nolan of Oxford Realty Advisors represented the seller in the transaction.
CHANDLER, ARIZ. — San Diego-based MG Properties Group has purchased Country Brook Apartments, a multifamily property located at 4909 W. Joshua Blvd. in Chandler. An undisclosed seller sold the property for $74 million. The 396-unit community features three resort-style swimming pools with outdoor televisions and shade sails, two whirlpool spas, gas barbecues, a picnic area and ramadas surrounded by landscaping. The apartments feature in-unit washers/dryers and an average size of 936 square feet. Cindy Cooke and Brad Cooke of Colliers International handled the marketing and sale transaction.
PEORIA, ARIZ. — Ready Capital Structured Finance has secured $21.5 million for the refinancing and recapitalization of a multifamily property located in the South Peoria submarket of metro Phoenix. The loan will be used to repay current construction debt, return equity to the undisclosed sponsor and pay for closing costs. Additionally, an earnout is available to the sponsor should certain metrics be achieved. The non-recourse, interest-only, fixed-rate loan features a 36-month term with flexible pre-payment options. At the time of financing, the 153-unit property was 97 percent leased.
SCOTTSDALE, ARIZ. — Dallas-based HALL Structured Finance has closed a $53 million construction loan to finance the expansion, redevelopment, flagging and rebranding of CopperWynd Resort, located at 13225 N. Eagle Ridge Drive in Scottsdale. The existing 32-room property will be converted into the 177-room Marriott Autograph Scottsdale Resort. Bill Hinz is redeveloping the property, which is slated to open by fourth-quarter 2019. Located in the McDowell Mountains, the existing property features a full-service spa and 26,500 square feet of lobby and common areas, including a fitness center, two pools, a pool café, tennis facilities and Flourish Restaurant. As part of the renovation, the existing 32 rooms will be refreshed and 145 rooms and 12,000 square feet of meeting space will be added to the resort. Malcolm Davies of George Smith Partners sourced the financing for the project.
TEMPE, ARIZ. — Greystar has purchased Flagstone Apartment Homes, a multifamily asset located 30 W. Carter Drive in Tempe. RedHill Realty Investors and its joint-venture partner sold the asset for an undisclosed price. Situated on nearly 18 acres, the property features 376 units in a mix of studio, one- and two-bedroom layouts. The 248,912-square-foot asset was built in 1985. Cliff David of Marcus & Millichap and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in deal.
SURPRISE, ARIZ. — Colliers International has arranged the sale of Greenway Crossings, a lifestyle retail center located at 16572-16630 W. Greenway Road in Surprise. Cedar Rapids, Iowa-based Transamerica Life Insurance Co. (Aegon USA Realty Advisors) sold the property to Phoenix-based Rose Garden III PL for an undisclosed price. Mindy Korth, Kirk Kuller and John Jackson of Colliers represented the seller, while Jim Edwards of Scottsdale-based Rein and Grossoehme Commercial Real Estate represented the buyer in the transaction. Built in 2006, the property features 66,516 square feet of retail space. The sale included three retail buildings and three undeveloped retail parcels. At the time of sale, the property was 85 percent leased.
CHANDLER, ARIZ. — VanTrust Real Estate has purchased 20 acres of land, located at Chandler Boulevard and the Loop 101 in Chandler. The Rockefeller Group, New York City, sold the land parcel for $12.2 million. VanTrust plans to build a mixed-use development with office, hotel and retail space on the site. This transaction continues the company’s development pipeline in the Arizona market, which consists of projects for industrial, multifamily and office space. The company recently completed Chandler Corporate Center, a 117,000-square-foot office asset located at 350. N. McClintock Drive in Chandler, and it plans to break ground on the second phase of the development soon.