PHOENIX — Optima Inc., the developer and one of the original owners of the 592-unit Optima Sonoran Village, has acquired the luxury apartment community through a new partnership with Principal Real Estate Investors. The partnership acquired Optima Sonoran Village Phases I and II for $200 million from an existing Optima-sponsored venture. This new partnership also will develop Phase III of Optima Sonoran Village. Phase III, the final part of Optima’s vision for Sonoran Village, features a 176-apartment homes in a seven-story tower with a roof-deck amenity. Existing amenities include outdoor pools and spas, a dog park, walking paths and a 19,000-square-foot residents’ club that includes a fitness center, indoor pool and spa, steam rooms and saunas, indoor basketball court, racquetball court, party room and business center. Optima Sonoran Village also features floor-to-ceiling windows and outdoor terraces for each residence, as well as a vertical landscaping system.
PHOENIX — Western Wealth Capital (WWC) has acquired Carlyle @ South Mountain, a 552-unit multifamily community in Phoenix, for $90 million. Carlyle @ South Mountain consists of 360 apartment units and 192 townhomes that were built in 1996 and 1997, respectively. Western Wealth Capital will invest in capital improvements to the units, most of which have not been upgraded since their initial construction. Physical amenities at the pet-friendly property include a resort-style pool, business lounge, basketball court and outdoor barbecue area. Service-based amenities include trash valet and package receiving. The property is located along the Interstate 10 corridor near the campuses of several national employers, including Intel, Wells Fargo and Bank of America. The property also offers proximity to Arizona Mills Mall, the Arizona Aquarium and Tempe Diablo Stadium, the training ground of the Los Angeles Angels baseball team. The acquisition, which raises the size of Western Wealth Capital’s multifamily portfolio to more than 7,500 units, is the company’s largest individual purchase by units and dollar value to date. Cushman & Wakefield brokered the sale of Carlyle @ South Mountain. The seller was not disclosed. — Taylor Williams
LAKE HAVASU, ARIZ. — Civitas Senior Living, Summerlin Asset Management LLC and Desert Land Group have broken ground on The Views at Lake Havasu, a 92-unit active adult community in Arizona. The four-story community will be restricted to residents age 55 and older. The property is located in the popular retirement community of Lake Havasu, which is located approximately equidistant from Phoenix, Los Angeles and Las Vegas. Civitas will operate the community once it is open. REES Architecture provided design and engineering services. Consolidated Construction will build the property. A delivery timeline was not disclosed.
TUCSON, ARIZ. — Stoneweg has acquired the 300-unit River Oaks Apartments in Tucson for $20.5 million. The community is situated along East Broadway Boulevard. River Oaks is surrounded by the Central Tucson Office Corridor, a 5 million-square-foot concentration of office space. The corridor is home to the Williams Centre and 5151 East Broadway office complexes, along with employers like ASARCO Mining, 3M Motor Vehicle Systems and IBM. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, HSL Properties, in this transaction.
PHOENIX — A joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing has sold BMO Tower at Central Arts Plaza, a 485,687-square-foot office tower in Phoenix, for $80.7 million. The Class A building is located at 1850 and 1884 N. Central Ave. in the Central Arts District. The transaction included an adjacent 1.9-acre parcel. BMO Tower was built in 1991 and designed for the Dial Corp. international headquarters. The building is currently 77 percent leased. Notable tenants include Dickinson Wright, The Cavanaugh Law Firm, PwC, Viad Corp. and BMO Harris Bank. Amenities include a fitness center, conference center, café with indoor/outdoor dining areas, a 200-seat theater, sundry shop and 24/7 security. The property also offers 360-degree views of Phoenix’s skyline and Camelback Mountain, a main lobby with 20-foot high ceilings, and a rotating art gallery. CBRE will serve as property manager, while JLL will lease the asset. CBRE also secured the financing and represented both parties in this transaction.
PHOENIX — HQ Capital Real Estate has sold the 248-unit Crestone at Shadow Mountain apartments in Phoenix for an undisclosed sum. The community is located at 3033 E. Thunderbird Road in the Paradise Valley submarket. A group of institutional investors purchased the asset. The group plans to renovate the building’s common areas and unit interiors. CBRE represented HQ Capital Real Estate in this transaction.
SCOTTSDALE, ARIZ. — Triumph Real Estate Investment Fund has agreed to acquire Bell Park Plaza, a 33,480-square-foot retail center in Scottsdale, for $7.2 million. The Canadian company will acquire the asset from Hanley Properties V LLC. Jon Rosenberg and Keri Davies of Levrose Commercial Real Estate/TCN Worldwide arranged the deal on behalf of the buyer. Bell Park Plaza is 93 percent leased to tenants including Subway, Hobby Bench, Banner Health Urgent Care and Papa John’s Pizza. Danielle Davis of Levrose Commercial Real Estate/TCN Worldwide will handle the property’s leasing, and MODE Commercial Property Management will manage the center. Triumph Real Estate will close on the acquisition at the end of February.
GILBERT, ARIZ. — Footprint LLC has relocated its corporate headquarters to Park Lucero Phase II, a 131,796-square-foot, speculative industrial building in Gilbert. The building is situated on 48 acres at the northwest corner of Mustang Drive and Germann Road near the Gilbert/Chandler border. Park Lucero is a four-phase, Class A industrial park featuring a combination of buildings with dock-high, truck well and grade-level loading, 24- to 30-foot ceiling clear heights and an overall 2.1:1,000 parking ratio. Upon full buildout, Park Lucero will consist of nearly 600,000 square feet of industrial space in six buildings. Phase II is situated adjacent to Phase I, which was completed in 2015, and Phase III, completed this past summer. Phase II fronts the Santan Freeway (Loop 202), providing significant freeway visibility. Paul Gallo of First US Advisors represented Footprint, a sustainable technology firm. JLL’s Pat Harlan and Steve Sayre represented the landlords, Trammell Crow Co. and Artis REIT, in this transaction. Western Alliance Bank served as the lender.
PHOENIX — Knightvest Capital has acquired the 768-unit Red Mountain Villas in Phoenix for $110 million. The community is located at 815 N. 52nd St. Red Mountain Villas was built on nearly 30 acres in three phases between 1987 and 1996. Community amenities include a koi pond, six resort-inspired swimming pools and access to the Papago Golf Course. Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, Weidner Apartment Homes, in this transaction.
SCOTTSDALE, ARIZ. —Western States Lodging has broken ground on Legacy Village of Salt River, a 216-unit assisted living and memory care community in the Phoenix suburb of Scottsdale. The property will be the company’s third in the Phoenix metro, as it continues its expansion into seniors housing. The property is located within Pima Center, a 232-acre, mixed-use business park developed by MainSpring Capital Group containing more than 1.5 million square feet of office, flex and light industrial facilities. The Block, a full-service retail center, is currently under construction within the park. Salt Lake City-based Beecher Walker Architects designed the community, which hardison/downey construction is building. The community is scheduled to open in early 2019. Development partners include The Boyer Group and the Colmena Group. Zions Bank provided development financing. Western States Lodging’s portfolio includes hotels, senior apartments and seniors housing communities in Utah, Oregon, Idaho, Washington, Hawaii, Colorado, Nevada and Arizona.