Arizona

Epic Real Estate Partners Acquires Grocery-Anchored Center in Tucson for $21.5M

by Nellie Day August 16, 2017

TUCSON, ARIZ. — HFF has arranged the $21.5 million sale of Ventana Village, a 110,116-square-foot shopping center in Tucson. Bashas’ Supermarket anchors the 90.8 percent occupied center, which is home to tenants including Tuesday Morning, Risky Business, Wells Fargo, El Charro Café, Subway, The UPS Store and Ventana Animal Hospital. CJ Osbrink and Gleb Lvovich of HFF represented the seller, Westwood Financial, in the transaction. Austin, Texas-based Epic Real Estate Partners purchased the asset free and clear of existing debt.

August 16, 2017

Arizona Multifamily Student Housing Western

Arizona State, American Campus Communities Open 1,600 Bed On-Campus Community

by Nellie Day August 14, 2017

TEMPE, ARIZ. — Arizona State University and American Campus Communities have opened The Fulton Schools Residential Community at Tooker House, a 1,600-bed residential community for undergraduate students in the university’s engineering school. The “dorm for engineers” features on-site digital classrooms and state-of-the-art maker spaces complete with 3D printers, laser cutters and design tools needed for a broad range of engineering courses and projects. The community also offers a 525-seat dining facility, Bluetooth-enabled laundry rooms that notify residents when their clothes are dry, advanced green building technology and high speed internet. Solomon Cordwell Buenz designed the property. In total, American Campus Communities has developed seven communities totaling 7,719 beds for ASU, an investment in excess of $540 million.

August 14, 2017

Arizona Multifamily Seniors Housing Western

Cathedral Development Completes $33M Conversion of Historic Hotel to Affordable Community for Seniors

by Nellie Day August 9, 2017

PHOENIX — Cathedral Development Group has completed the $33 million conversion of a historic luxury hotel in Phoenix into The Historic Westward Ho Apartments, an affordable seniors housing community. Originally built in 1928, the hotel hosted famed guests such as President John F. Kennedy, President Ronald Reagan, Jackie Gleason and Paul Newman throughout its history. Cathedral purchased the property in 1978 and has spent 40 years trying to preserve and restore the property. Cathedral Development Group utilized public/private programs to help fund three separate renovation projects. The renovations included new energy efficient heating and cooling features, a new plumbing system throughout the property to enhance water efficiency, new features in select units such as kitchen cabinets, floors, bathroom fixtures, energy efficient windows, a lightning protection system for the building and the restoration of the historic courtyard fountain. In a related but separately funded project, the first floor commercial space was remodeled and a long-term lease signed with Arizona State University. The property can now host up to 289 elderly and disabled residents. Based in Providence, R.I., Cathedral Development Group is working on projects in Rhode Island, New York, Maine, Connecticut, Arizona and Delaware.

August 9, 2017

Arizona Retail Western

Cushman & Wakefield Arranges Sale of Camelback Center in Phoenix

by Nellie Day August 7, 2017

PHOENIX — Cushman & Wakefield has arranged the sale of Camelback Center, a 32,963-square-foot shopping center located in Phoenix. CVS/pharmacy and Total Wine anchor the center, which is fully occupied by tenants including Chipotle Mexican Grill, Massage Envy, European Wax Center and Jimmy Johns. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the undisclosed seller in the transaction. Perry Investment Trust purchased the property. Terms of the sale were undisclosed.

August 7, 2017

Arizona Multifamily Western

JV Sells Ovation at Tempe Apartment Community for $36M

by Nellie Day August 2, 2017

TEMPE, ARIZ. — A joint venture between Passco Cos. and InSite Property Ventures has sold the 270-unit Ovation at Tempe to an undisclosed buyer for $36 million. The community is located at 4502-4505 S. Hardy Drive in Tempe. The JV initially acquired the asset for $25.8 million in 2014. Rents in metro Phoenix have increased by 5.6 percent over this past year alone, according to the sellers. The JV implemented a series of interior and exterior improvements to the apartment community during its ownership. This included upgrading unit interiors, constructing additional carports, and enhancing the property’s exterior and community amenities.

August 2, 2017

Arizona Mixed-Use Multifamily Office Retail Top Stories Western

Harbert Management Corp. Acquires Ownership Stake in 628,000 SF Mixed-Use Development in Phoenix

by Katie Sloan August 1, 2017

PHOENIX — Harbert Management Corp. has acquired an ownership stake in High Street, a 628,000-square-foot mixed-use development located in Phoenix. Although the sales price was not disclosed, the buyer received a $93.5 million acquisition loan to fund the transaction. The property occupies 24.9 acres at 5100-5450 E. High St. along Loop 101 in northeast Phoenix, and features 88 multifamily units; 174,705 square feet of retail, dining and entertainment; and 330,369 square feet of office space. Tenants at the 83.7 percent leased center include Sprouts, Kona Grill, La Bocca, Pinspiration, Mellow Mushroom, Blue Martini, Ocean Prime and Modern Margarita. City North Associates LLC, a joint venture between ScanlanKemperBard Cos. and a private investment fund managed by Wayzata Investment Partners LLC, previously owned the property. Harbert Management has replaced Wayzata Investment Partners, now owning the property in partnership with ScanlanKemperBard. Ryan Gallagher, CJ Osbrink, Ryan Fitzpatrick and Clark Cashion of HFF worked on behalf of the original joint venture owner to procure the buyer in the transaction. Jeremy Womack and Tom Wilson of HFF worked on behalf of the new ownership to secure the acquisition loan through TPG RE Finance Trust. ScanlanKemperBard Cos. is a real estate merchant banking firm that acquires, develops …

August 1, 2017

Arizona Multifamily Western

Rivendell Global Real Estate Acquires San Paulo Apartments in Phoenix for $32.5M

by Nellie Day July 27, 2017

PHOENIX — Rivendell Global Real Estate has acquired the 208-unit San Paulo apartment complex in Phoenix for $32.5 million. The complex is located at 14625 S. Mountain Parkway. It was built in 1996. Community features include a swimming pool, 24-hour fitness center and resident clubhouse. CBRE’s Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch represented the seller, PrivatePortfolio Group, in this transaction.

July 27, 2017

Arizona Multifamily Seniors Housing Western

Summit Healthcare REIT Acquires Assisted Living Community in Chandler for $13.4M

by Nellie Day July 20, 2017

CHANDLER, ARIZ. — Summit Healthcare REIT Inc. has acquired Pennington Gardens, a 90-bed assisted living and memory care facility in the Phoenix suburb of Chandler for $13.4 million. Summit will lease the property to Compass Senior Living, which already operates six communities in Summit’s portfolio. The acquisition was made through Summit Chandler LLC, which is a wholly owned subsidiary of Summit. Summit is a non-traded REIT with 32 long-term, triple-net-leased healthcare facilities in 12 states.

July 20, 2017

Arizona Multifamily Western

Rivendell Global Real Estate Buys Santa Rosa Apartments in Phoenix for $19.5M

by Nellie Day July 17, 2017

PHOENIX — Rivendell Global Real Estate has acquired the 112-unit Santa Rosa apartments in Phoenix for $19.5 million. The community is located at 3425 E. Chandler Blvd. Santa Rosa was built in 1997 within the 720-acre Lakewood Master Plan. CBRE’s Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch represented the seller, Baron Properties, in this transaction.

July 17, 2017

Arizona Multifamily Western

BH Equities Buys Arcadia Cove Apartments in Phoenix for $71.5M

by Nellie Day July 13, 2017

PHOENIX — BH Equities has acquired the 432-unit Arcadia Cove Apartments in Phoenix for $71.5 million. The community is located at 2252 N. 44th St. Arcadia Cove was built in 1996. It recently underwent a renovation that includes exterior upgrades to the pool and spas. Barbecue pits, outdoor television monitors and Wi-Fi connections were also installed. Upgrades also occurred in the fitness room, Internet café and clubhouse, which now includes iPad stations. Cindy and Brad Cooke of Colliers International represented the seller, Bascom Arizona Ventures (Bascom Group), in this transaction.

July 13, 2017

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