Arizona

BridgeWater Opens 140-Unit Affordable Seniors Community in Midtown Phoenix

by Amy Works April 20, 2018

PHOENIX – BridgeWater Assisted Living has opened BridgeWater Assisted Living Midtown, a 140-unit affordable seniors housing community in Phoenix. This is BridgeWater’s second affordable community in the Phoenix metro. The property is seven stories tall and offers assisted living and memory care services using the Medicaid ALTCS program, which allows Medicaid to pay for services that are normally private pay. Veterans eligible for Wartime Pension may also qualify for supplemental aid and benefits.

April 20, 2018

Arizona Industrial Loans Western

Alliant Credit Union Closes $14.6M Refinancing for Industrial Property in Chandler, Arizona

by Amy Works April 18, 2018

CHANDLER, ARIZ. – Alliant Credit Union has arranged a $14.6 million loan for the refinancing of an industrial property located in Chandler. The property features 162,714 square feet of distribution space. The undisclosed sponsor had recently closed with a higher interest rate bridge loan and was seeking a low-leverage transaction to replace that debt. Alliant structured the 10-year loan with a 30-year amortization schedule and two years of interest-only payments.

April 18, 2018

Acquisitions Arizona Multifamily Western

Alpha Wave Investors Sells 60-Unit Apartment Community in Tucson

by Amy Works April 17, 2018

TUCSON, ARIZ. — Alpha Wave Investors, a private equity investment firm, has completed the disposition of Skyline Park Apartments, a multifamily property located at 5290 S. Park Ave. in Tucson. A Southern California-based owner of multifamily properties purchased the asset for $2.6 million. Alpha Wave originally acquired the property in 2017, implemented a repositioning/renovation program and rebranded the property to Skyline Park Apartments. Built in 1985, the two-story property features 60 units in a mix of one- and two-bedroom layouts, a swimming pool and children’s play area. Bill Hahn, formerly of Colliers and now with NorthMarq, represented the seller, while Alon Shnitzer of ABI Multifamily represented the buyer in the deal.

April 17, 2018

Acquisitions Arizona Multifamily Western

North American Development Buys One-Acre Parcel in Phoenix for $100M Residential Project

by Amy Works April 16, 2018

PHOENIX — Florida-based North American Development Group has acquired a one-acre parcel within Arizona Center Project in downtown Phoenix. San Diego-based Parallel Capital Partners sold the site within the 16-acre development for an undisclosed price. North American Development plans to construct Palm Court Tower, a 30-story residential tower on the site at 440 E. Van Buren St. Slated for completion in 2020, the $100 million project will feature 350 residences, a swimming pool terrace, a six-level parking garage and a fitness facility. The residences will range from studio to three-bedroom units in eight different floor plans. Phoenix-based Will Bruder Architects & Forum Studio is designing the development, which is slated to break ground in late 2018.

April 16, 2018

Arizona Multifamily Western

MIG Real Estate Purchases 209-Unit Apartment Complex in Mesa, Arizona

by Nellie Day April 16, 2018

MESA, ARIZ. — MIG Real Estate has acquired the 209-unit Trails at Harris Apartments in Mesa for $22.1 million. The community is located at 1653 S. Harris Drive. Trails at Harris Apartments was built on nearly 10 acres in 1983. All units include all-electric kitchens, walk-in closets, standing showers and linen closets. Outdoor balconies or patios and stackable washer and dryers are available in select units. The apartments are a value-add opportunity for MIG. Interior renovations will include updated countertops, a stainless-steel appliance package, new cabinetry, synthetic plank flooring, and updated light and plumbing fixtures in all units. The leasing, fitness and pool areas will undergo renovations to freshen the space and enhance use. Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller.

April 16, 2018

Arizona Multifamily Student Housing Western

MJW Investments Acquires Student Housing Community Near Arizona State

by Nellie Day April 12, 2018

TEMPE, ARIZ. — MJW Investments has acquired ReNUE on Orange, a 110-unit student housing community located near Arizona State University in Tempe. The price was not disclosed. The property offers one- and two-bedroom units with shared amenities including a swimming pool, sundeck and courtyard. The company plans to make improvements to the property, including upgrading unit interiors and common areas, addressing deferred maintenance issues and rebranding the property as “Thrive Tempe,” according to Mark Weinstein, president of MJW Investments. This investment increases MJW Investment’s student housing portfolio to over 5,500 beds.

April 12, 2018

Arizona Lee & Associates Retail Western

Lee & Associates Arranges $21.9M Sale of Shopping Center in Glendale

by Nellie Day April 11, 2018

GLENDALE, ARIZ. — Lee & Associates has arranged the $21.9 million sale of Talavi Towne Center, a 118,377-square-foot shopping center in Glendale. Jay Fincham and Patrick Dempsey of Lee & Associates arranged the transaction on behalf of the seller, Kimco Towne Center LLC, and the buyer, Talavi Bell LLC. Talavi Towne Center is home to tenants such as Wal-Mart, MOR Furniture, Dollar Tree, Leslie’s Pool Mart and Cricket Wireless.

April 11, 2018

Arizona Multifamily Western

NorthMarq Capital Debuts new Multifamily Investment Sales Business in Phoenix

by Nellie Day April 11, 2018

PHOENIX — NorthMarq Capital has debuted the new NorthMarq Multifamily business, which debuted with a 10-person multifamily investment sales team headquartered in Phoenix. This new team marks the beginning of NorthMarq Capital’s selective geographic expansion of multifamily and manufactured housing investment sales services across the country The team was formerly known as the HSK team and led by Trevor Koskovich, who will now serve as president of NorthMarq Multifamily. Koskovich will retain his current production team. In addition to Koskovich, five other brokers have joined NorthMarq Capital this month, including Bill Hahn, executive vice president; and vice presidents Jesse Hudson, Cynthia Meister, Thomas Olivetti and Don Vedeen. Affiliated brokers Meister and Olivetti are based in Albuquerque and Las Vegas, respectively. The rest of the team is based in NorthMarq Capital’s Phoenix office at 3200 E. Camelback Road. James DuMars continues to lead the debt and equity business for NorthMarq Capital in Phoenix.

April 11, 2018

Arizona Office Western

Lincoln Property Co. Breaks Ground on 352,000 SF Office Building in Tempe

by Nellie Day April 10, 2018

TEMPE, ARIZ. — Lincoln Property Co. has broken ground on the second building at Grand at Papago Park Center in Tempe. The 352,000-square-foot building will be located at 1027 W. Roosevelt Way. The Grand Building Two is one of Arizona’s largest office buildings to break ground as a purely speculative endeavor, according to Lincoln. It is scheduled for completion in the second quarter of 2019. The building will be the second of eight Class A office buildings scheduled to be built by Lincoln within the 60-acre mixed-use Grand at Papago Park Center. The newest office building will provide creative office space with a two-story lobby, modern and flexible floorplates and an open office concept highlighted by 12-foot floor-to-ceiling windows. Among the project’s features are a 10,000-square-foot amenity lounge with a full-service restaurant, indoor/outdoor seating, TV viewing area and two conference facilities with full audio-visual technology. Other amenities include a private fitness facility and a modern rooftop lounge designed for tenant events and collaboration, with seating areas, an architectural shade element, catering conveniences and sweeping views of the Papago Buttes, Hole in the Rock and Camelback Mountain. Lincoln also serves as the property manager. Jerry Roberts and Patrick Boyle of Cushman & Wakefield …

April 10, 2018

Arizona Industrial Western

Confluent Development, DPC Companies Start Construction of Distribution Center in Phoenix

by Nellie Day April 4, 2018

PHOENIX — A joint venture between Confluent Development and DPC Companies has started construction of HUB 317, a spec distribution building in Phoenix. The project is located at 317 S. 48th St. The 225,000 square feet of industrial/distribution space is designed to accommodate multiple large tenants. The project will feature a contemporary design, 32-foot clear ceiling/stacking height, and dock-high loading. It will be completed in summer 2018.

April 4, 2018

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