Arizona

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

Arizona Office Western

Regent Properties Purchases Camelback Commons Office Campus in Phoenix for $66.4M

by Nellie Day July 5, 2017

PHOENIX — Regent Properties has purchased Camelback Commons, a 322,406-square-foot office campus in Phoenix, for $66.4 million. The Class A office property is located at 4722 and 4742 N. 24th St. It was built in 1986 and underwent a $4.5 million renovation in 2015. CBRE’s Barry Gabel and Chris Marchildon represented the seller, a joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing, in this transaction. CBRE Capital Market’s Debt & Structured Finance team secured the financing for the buyer. The firm has also been retained to lease the property.

July 5, 2017

Arizona Industrial Loans Western

Newmark Secures $151M in Financing for 30-Property Industrial Portfolio in Arizona

by Nellie Day June 29, 2017

PHOENIX — Newmark has secured $151 million in financing for a 30-property industrial portfolio in Arizona. The portfolio contains more than 4 million square feet of space occupied by more than 1,000 tenants. The 15-year non-recourse loan features a rate below 4 percent. The portfolio is a mix of light industrial / manufacturing buildings with small to medium bay depths. The properties are located in Phoenix, Tempe, Mesa, Chandler, Gilbert, Glendale, Goodyear, Surprise and Peoria. Voya provided the permanent financing.

June 29, 2017

Arizona Multifamily Western

IPA Closes $217M in Multifamily Sales in Phoenix

by Nellie Day June 29, 2017

PHOENIX — Institutional Property Advisors’ Steve Gebing and Cliff David have closed five multifamily sales in the metro Phoenix area totaling $217 million in 16 days. The sales included Village Green in Mesa, Onnix in Tempe, Broadstone Gateway in Avondale, Green Leaf Promontory Pointe in Phoenix and Pinnacle at Union Hills in Phoenix.

June 29, 2017

Arizona Multifamily Seniors Housing Western

JV Buys Former Hotel in Phoenix to Convert to Assisted Living

by Nellie Day June 26, 2017

PHOENIX — A joint venture between Bruckal Developments and Ridgeline Properties has purchased a former Country Inn & Suites in Phoenix for $8.3 million. The buyers plan to convert the property into an assisted living and memory care community. Built in 2000, the 126-room property is four stories tall. The 74,000-square-foot building sits on 3.3 acres of land and has 147 parking spaces, as well as an exterior pool and fenced patio area. The conversion will create a 119-room seniors housing community slated to open in February 2018. Tim Dulany of Colliers International arranged the sale on behalf of the seller, PV Deer Valley LLC, which is a joint venture between PacVentures LLC and RA Rauch & Associates. Bruckal Developments is a family-owned, Arizona-based company with real estate assets in the United States and Canada. Ridgeline Properties is a seniors housing development and management company based in Oregon. Bruckal will be responsible for all construction and conversion responsibilities. The general contractor for the project is Hawk General Contracting of Phoenix.

June 26, 2017

Arizona Multifamily Western

Greystar Real Estate Partners Acquires Green Leaf Promontory Pointe in Phoenix

by Nellie Day June 23, 2017

PHOENIX — Greystar Real Estate Partners has purchased the 424-unit Green Leaf Promontory Pointe in Phoenix for an undisclosed sum. The community is located at 888 E. Clinton St. within the 1,200-acre Pointe Tapatio master-planned community. It was built in two phases in 1984 and 1996. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, Green Leaf Partners, in this transaction.

June 23, 2017

Arizona Multifamily Western

Jevan Capital Acquires La Reserve at Forty-Fifth Apartments in Phoenix for $12.7M

by Nellie Day June 22, 2017

PHOENIX — Jevan Capital has acquired the 301-unit La Reserve at Forty-Fifth apartment complex in Phoenix for $12.7 million. The community is located at 2627 N. 45th Ave. It was built in 1972. La Reserve offers one- to three-bedroom units. Amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas. Brett Polachek and Jim Crews of Cushman & Wakefield Phoenix represented the seller, CEGOP-PHX 1 LLC, in this transaction.

June 22, 2017

Arizona Multifamily Student Housing Western

Asset Campus Housing Awarded Management of 250-Bed Community Near University of Arizona

by Nellie Day June 21, 2017

TUCSON, ARIZ. — Asset Campus Housing has been awarded management of INDI Tucson, a 250-bed community located near the University of Arizona. The property offers two-, three- and four-bedroom, fully furnished units. Community amenities include two resort-style pools, an outdoor media lounge, state-of-the-art fitness center and on-site laundry facilities.

June 21, 2017

Arizona Office Western

Archon Acquisition Buys Phoenix Office Property for $81.7M

by Nellie Day June 19, 2017

PHOENIX — Archon Acquisition LLC has purchased a 295,401-square-foot office property in Phoenix’s Camelback Corridor for $81.7 million. The two-building property is located at 3131 and 3133 Camelback Road. The asset is 93 percent occupied. It was built in 1998. Lincoln Property Co. serves as the property manager. JLL’s John Bonnell, Brett Abramson and Chris Latvaaho will lead the leasing efforts. The seller was TR Camelback Corp. JLL’s Dennis Desmond and Lynn LaChapelle executed the sale.

June 19, 2017

Arizona Multifamily Western

DiNapoli Capital Partners Buys 278-Unit Alta Paradise Ridge in Scottsdale

by Nellie Day June 16, 2017

SCOTTSDALE, ARIZ. — DiNapoli Capital Partners has acquired the 278-unit Alta Paradise Ridge apartments in Scottsdale for an undisclosed sum. The community is located at 18220 N. 68th St. It has a mix of one- to three-bedroom units. Amenities include a clubhouse, pool and rooftop lounge. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Wood Partners, in this transaction.

June 16, 2017

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