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.
TEMPE, ARIZ. — Bridge Investment Group has purchased the 659-unit Onnix apartment property in Tempe for $77 million. The community is located at 1440 and 1500 E. Broadway Road. Onnix was built in 1984, one mile from a Valley Metro light rail station. It was developed in two phases as the 375-unit Onnix West and the 284-unit Onnix East. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and institutional seller in this transaction.
GOODYEAR, ARIZ. — Sterling Organization has acquired Palm Valley Marketplace, a 107,633-square-foot shopping center located roughly 16 miles outside Phoenix in Goodyear. Safeway anchors the center, which is also home to Subway, H&R Block, Domino’s Pizza, AAA, Great Clips, The UPS Store, Nationwide Vision, GNC, FastFrame, Oreck, Elements Massage and PurTone Hearing Centers. A subsidiary of Regency Centers sold the asset on behalf of Sterling Organization’s institutional core fund, Sterling United Properties I LP.
AVONDALE, ARIZ. — Lake Washington Partners has completed the 427,000-square-foot expansion of the Coldwater Depot Logistics Center in Avondale. The property is located at 1100 N. 127th Ave. The 54-acre site now accommodates 1 million square feet of cross-dock distribution/warehouse space southwest of Phoenix. Lake Washington Partners will manage the property through its management division. CBRE’s Daniel Calihan will head up the center’s leasing efforts.
TUCSON, ARIZ. — Pierce Educations Properties has acquired The Junction at Iron Horse, a 232-bed student housing community located near the University of Arizona in Tucson. The community offers one-, two-, three- and four-bedroom units with bed-to-bath parity. Community amenities include a swimming pool, lazy hammock courtyard, outdoor lounge area, 24-hour fitness center and computer center with a study lounge. The seller in the transaction and the sales price were undisclosed.
CHANDLER, ARIZ. — Medical Development Partners has broken ground on Parkland Memory Care, a 56-unit memory care community in Chandler. The $10 million, 36,400-square-foot project will be located on a 4.5-acre plot. Live Oak Bank, Aileron Capital Management and Mercantile Capital Corp. provided financing. JF Construction Co, which is building the project, estimates a spring 2018 completion date. Upon completion, Seasons Management Group, based out of Oregon, will operate the community. Lenity Architecture designed the property, with landscape architecture provided by Ryan & Associates.
PHOENIX — A limited liability company has acquired the 36-unit Decco 121 apartments in Phoenix for $4.1 million. The community is located at 121 E. Broadway Road. P. Brady Fish of Marcus & Millichap represented the buyer, while the same firm’s Tyler Lesson represented the seller, a private investor.
PHOENIX — A joint venture between Security Properties and Pacific Life Insurance Co. has purchased the 576-unit Andante Apartments in Phoenix for $85.2 million. The community is located at 15801 S. 48th St. The property will undergo a renovation, which will update the clubhouse and unit interiors. Security Properties-affiliate Madrona Ridge Residential will manage the property.
PHOENIX — P.B. Acquisitions LLC has acquired the 219-unit Club 7 Apartments in Phoenix for $19 million. The community is located at 3030 N. 7th St. The property sits on 7.3 acres in the Midtown Phoenix submarket, across the street from the Phoenix Country Club. It underwent a renovation in 2015 and 2016. Todd Braun and Bryson Fricke of Lee & Associates represented the seller, 3030 North Equity LLC, in this transaction.
FLAGSTAFF, ARIZ. — Chicago-based Core Spaces is set to deliver six student housing communities in summer 2018. Developments include Hub on Campus Flagstaff, a 591-bed community near Northern Arizona University. Other Hub on Campus communities will be built in West Lafayette near Purdue University; Minneapolis near the University of Minnesota; Ann Arbor near the University of Michigan; Tuscaloosa near the University of Alabama; and Orlando near the University of Central Florida.
