Tuesday, July 15, 2025
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Arizona

5154-N-7th-St-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Denali Apartments Purchases Multifamily Community in Phoenix for $34.7M

by Amy Works

PHOENIX — Denali Apartments LLC has acquired Seventh, an apartment property in Phoenix’s North Central neighborhood, from an undisclosed seller for $34.7 million. The seller owned and operated the asset since 2021, during which time they completed major capital improvements. Located at 5145 N. 7th St., the 154,282-square-foot multifamily property offers 286 studio, one-, two- and three-bedroom floor plans with an average unit size of 539 square feet. Community amenities include two swimming pools, several laundry facilities and a modern fitness center with outdoor workout space. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.

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Plaza-Colonial-Tucson-AZ
ArizonaLoansOfficeRetailWestern

Gantry Secures $16.7M Refinancing for Plaza Colonial Office, Retail Property in Tucson

by Amy Works

TUCSON, ARIZ. — Gantry has secured a $16.7 million permanent loan to refinance Plaza Colonial, an office and retail property in Tucson. Located at 2840-2890 E. Skyline Drive and 6375 N. Campbell Ave., Plaza Colonial offers 83,869 square feet of retail and office space spread across four buildings. Patrick Barkley and Chad Metzger of Gantry represented the borrower, a private real estate investor. An institutional balance sheet lender provided the five-year, fixed-rate loan, which features full-term interest-only payments. Gantry will service the loan.

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Astria-Apts-Tempe-AZ
ArizonaDevelopmentMultifamilyStudent HousingWestern

Trinitas, Mitsui Fudosan to Break Ground on 27-Story Student Housing Tower Near Arizona State University

by Amy Works

TEMPE, ARIZ. — A partnership between Trinitas Ventures and Mitsui Fudosan America is set to break ground on Astria Tempe, a 27-story student housing tower located steps away from the Arizona State University campus in Tempe. The development will offer units in studio, one-, two- and three-bedroom configurations. Shared amenities will include a pool, spa, fitness center, coworking space, social lounges, dog-friendly areas and ground-floor retail space. The community is scheduled for completion in summer 2027. TSB Capital Advisors arranged equity for the project, and BMO Bank provided financing. The development team includes Layton Construction Co. and Niles Bolton Associates. 

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1335-W-St-Marys-Rd-Tucson-AZ
AcquisitionsArizonaMultifamilyWestern

Marcus & Millichap Arranges Sale of 84-Unit Westside Commons Apartment Complex in Tucson

by Amy Works

TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of Westside Commons, a multifamily property in Tucson. A limited liability company acquired the asset from a limited liability company for $10.7 million. Located at 1335 West St. Mary’s Road, Westside Commons offers 84 apartments. Hamid Panahi and Clint Wadlund of Marcus & Millichap represented the seller and procured the buyer in the deal.

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TerraLane-Hudson-Station-Queen-Creek-AZ
ArizonaDevelopmentMultifamilyWestern

TerraLane Buys Land, Breaks Ground on 218-Unit Build-to-Rent Project Near Phoenix

by Amy Works

QUEEN CREEK, ARIZ. — TerraLane Communities, the build-to-rent (BTR) division of residential investment firm IHP Capital Partners, has acquired 22 acres in Queen Creek, about 44 miles southeast of Phoenix, for the development of TerraLane at Hudson Station. TerraLane is partnering with general contractor Hancock Builders in the construction of TerraLane at Hudson Station. This will be the sixth residential development the two firms are completing together. Mark-Taylor Residential will oversee leasing and property management. Western Alliance Bank and 400 Capital Management are providing financing for the project. Construction has commenced, and leasing is anticipated to begin in 2027. The BTR community will include 218 units. Twenty-four of the units will be single-story, two-bedroom duplexes; 97 will be three-bedroom townhomes; and the remaining 97 will be four-bedroom townhomes. Each home will feature a two-car, direct-access garage, stainless steel appliances and integrated smart home technology, such as keyless entry, remote thermostat controls and fiberoptic cabling to support future connectivity needs. Community amenities will include a gated entrance, pool and hot tub, fitness center, grass park, shaded playground, grilling stations, valet trash service and on-site maintenance. Wi-Fi will be available throughout common areas, and all homes will be pet-friendly with built-in dog …

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ArizonaCaliforniaLoansMultifamilyWestern

Gantry Secures $28.2M Loan for Multi-State Manufactured Housing Portfolio

by Amy Works

PHOENIX — Gantry has secured a $28.2 million permanent loan to refinance a portfolio of five manufactured housing communities in Arizona, California and Iowa. The fully stabilized assets feature a total of 687 pads across properties in Sierra Vista and Casa Grande, Ariz., Hemet and San Bernardino, Calif., and Atlantic, Iowa. Patrick Barkley and Chad Metzger of Gantry’s Phoenix production office represented the borrower, a private real estate investor. The five-year, fixed-rate loan was provided by an institutional balance sheet lender and features full-term interest-only payments. Gantry will service the loan.

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Olea-Scottsdale-AZ
ArizonaDevelopmentMultifamilyWestern

Legacy Partners, DWS Start Construction on 433-Unit Apartment Project in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — A joint venture between Legacy Partners and DWS has commenced construction of Olea Scottsdale, a multifamily community in Scottsdale. Olea Scottsdale will feature 325 garden-style apartments in 14 buildings and 108 townhomes spread across 24 buildings. Delivery of the townhomes is slated for summer 2027, with apartments scheduled for fall 2027. KTGY is serving as architect and an affiliate of Houston-based The Dinerstein Cos. is serving as general contractor and co-investor for the project.

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Siete-Square-Phoenix-AZ
AcquisitionsArizonaRetailWestern

Rein & Grossoehme Brokers $5M Sale of 35,926 SF Shopping Center in Phoenix

by Amy Works

PHOENIX — Rein & Grossoehme Commercial Real Estate has arranged the $5 million sale of Siete Square, a 35,926-square-foot shopping center located at 4139 W. Bell Road in Phoenix. Mark Rein of Rein & Grossoehme represented the seller, Butterfield Trail LLC, and the buyer, Bell Square LLC, in the transaction. Originally built in 1985, the property was 87 percent leased to tenants including Mattress Max and Georges Baddawi at the time of sale. The center also features a freestanding pad site occupied by Jack in the Box, which was not included in the sale.

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Sundance-Towne-Center-Buckeye-AZ
AcquisitionsArizonaRetailWestern

Continental Realty Buys 203,525 SF Sundance Towne Center Near Phoenix for $54.3M

by Amy Works

BUCKEYE, ARIZ. — Continental Realty Corp. has expanded into the Phoenix market with the acquisition of Sundance Towne Center, a regional power center in Buckeye. Shin Yen Management sold the asset for $54.3 million. Located at 466 S. Watson Road, Sundance Towne Center features 203,525 square feet of retail space occupied by nearly 50 retailers and restaurants, including PetSmart, Boot Barn, Bealls Outlet, AutoZone, BMO Bank, Cracker Barrel, Dollar Tree, Dunn-Edwards Paints, Mattress Firm and Peter Piper Pizza. At the time of sale, the property was 94 percent leased. Michael Hackett, Jimmy Slusher, Ryan Schubert and Zach Aulick of CBRE represented the seller in the transaction.

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Scottsdale-Centre-Scottsdale-AZ
AcquisitionsArizonaHealthcareOfficeWestern

MIG Real Estate Sells 163,311 SF Scottsdale Centre Medical Outpatient Building in Arizona

by Amy Works

SCOTTSDALE, ARIZ. — MIG Real Estate has sold Scottsdale Centre, a medical outpatient building in Scottsdale, to an Arizona-based commercial real estate investment company for $44.6 million. Located at 7373 N. Scottsdale Blvd., the 163,311-square-foot Scottsdale Centre is 78 percent leased, of which 66 percent was medical and 34 percent was office tenancy. Current tenants include Palo Verde Cancer Specialists, Prosano Health and various other healthcare providers. Originally constructed in 1984 and upgraded and converted from office to primary medical space post-pandemic, Scottsdale Centre is a two-story building situated on 8.7 acres. The property features 254 surface parking spaces and 466 subterranean parking spaces. Travis Ives, Gino Lollio and Tyler Moses of Cushman & Wakefield’s U.S. Healthcare Capital Markets represented the Newport Beach, Calif.-based seller in the deal. Sheila Bale, Erika Eckblad, Tom Weinhold, Tim Whittemore and Patrick Schrimsher of Cushman & Wakefield provided local market leasing advisory on the sale and have been retained by the buyer to continue handling leasing for the property.

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