KINGMAN, ARIZ. — Boston Capital has invested an undisclosed amount of capital for the rehabilitation of Kingman Heights Apartments and Amy Neal Retirement Center, two affordable seniors housing communities in Kingman, located approximately midway between Phoenix and Las Vegas. The two communities feature a total of 57 units. Tax credit equity from the Low Income Housing Tax Credit (LIHTC) program will help fund the rehabilitation. The Foundation for Senior Living (FSL), a nonprofit senior living organization, owns the communities. This will be Boston Capital’s sixth partnership with FSL. Kingman Heights features seven one-story buildings containing 33 one-bedroom units and a community building. Amy Neal Retirement Center features four one-story buildings containing four studios and 20 one-bedroom units and a community building. After the rehabilitation, units will feature central air conditioning, blinds, ceiling fans, microwaves and patios. Improvements will also feature the installation of new smoke detectors, windows, doors, flooring, cabinets, kitchen appliances and roll-in showers. Boston Capital is a Boston-based investment and advisory firm specializing in affordable housing.
GOODYEAR, ARIZ. — Huhtamaki North America has purchased a 750,000-square-foot manufacturing and distribution facility at Cotton Lane Commerce Park in Goodyear. The Finland-based global food packaging specialist intends to invest about $100 million at the site to create a “21st-century work environment.” The facility will serve West Coast food service packaging and retail tableware markets. Construction will begin in the second quarter of 2017, with commercial production scheduled in late 2017. NGKF’s Jim Belcher and Robert Stephens represented Huhtamaki in the transaction.
PHOENIX — Crown Realty & Development has purchased a 138,240-square-foot office building in Phoenix that is occupied by CVS Health for $40.4 million. The space, known as Four Gateway, is located at 444 N. 44th St. State Farm occupied the building on a short-term lease while the company waited to consolidate operations at its new regional campus at Marina Heights on Tempe Town Lake. CVS, which signed its lease this past April, now occupies the entire building. CBRE’s Jim Fijan and Will Mast executed the transaction. The seller was VanTrust Real Estate.
SCOTTSDALE, ARIZ. — Western States Lodging & Management and Colmena Group have announced plans for Legacy Village at Sale River, a 230-unit assisted living and memory care community within the Pima Center business park in the Phoenix suburb of Scottsdale. Development costs are estimated at $30 million. Construction on the multi-building project is expected to begin in early 2017, for opening in 2018. When completed, Legacy Village will feature a three-story building with 130 assisted living units and a two-story building with 70 assisted living units and 30 memory care units. Beecher Walker Architects designed the community. Pima Center is a 232-acre mixed-use development within the Salt River Indian Reservation. Mainspring Capital is developing the business park, which includes more than 1 million square feet of office space and 430,000 square feet of industrial/flex facilities. Western States is a developer of hotels and seniors housing communities, including the Legacy brand. Colmena is a development and investment group with a portfolio of nearly 11,000 housing units. Both companies are based in Salt Lake City.
PHOENIX — Caliber has purchased the Palms Weekly Portfolio, which contains three multifamily properties in Phoenix, for $14 million. The portfolio includes Siesta Palms, Palm Shadows and Twin Palms. All three communities were built in the 1970s. The gated communities feature swimming pools, barbecue areas and laundry facilities.
GLENDALE, ARIZ. — Ziegler, a specialty investment bank, has arranged $20.5 million in non-rated, fixed-rate bonds for Glencroft Senior Living, a continuing care retirement community (CCRC) in Glendale. The community, built by Friendship Retirement Corp. in 1970, comprises several entities: Glencroft Towers I, Sarah’s Place, Friendship Foundation and Colter Commons. The CCRC totals 752 units. Glencroft Towers I and Sarah’s Place were funded with HUD and FHA-insured loans, respectively, which the new bonds will refinance. The new bonds are part of a turnaround effort for Glencroft, which was hit hard by the Great Recession. New management took over the community in 2014, converting from an entry-fee model to a standard rental model to attract middle-market seniors.
TUCSON, ARIZ. — EdR has acquired The Urbane, a 311-unit apartment community in Tucson, for an undisclosed sum. The community offers a range of studio to five-bedroom apartments. The Urbane amenities include a fitness center; spa featuring a sauna and tanning beds; rooftop sundeck with pool, oversized hot tub, lounging and gaming areas, and poolside cabanas; an outdoor terrace with fire pits and a custom barbecue grill; and an executive business center with computers and printers.
PHOENIX — Life Care Services and Westminster Funds, the joint venture owners of Sagewood, a continuing care retirement community in Phoenix, have announced plans to add a 24-unit independent living neighborhood to the community’s campus. The addition to Sagewood will be named The Estates. The expansion includes a mix of villas, single homes and duplexes, as well as a 15,000-square-foot event center. When The Estates is completed, the CCRC will feature 316 independent living units. The owners also recently expanded Sagewood’s onsite Acacia Health Center. A timeline for the expansion was not disclosed.
PHOENIX — CS1031 Crossroads Apartments has acquired the 316-unit Crossroads Apartments in Phoenix for $25.2 million. The Class B community is located at 2222 W. Beardsley Road in the Deer Valley submarket. It was built in 1982. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, WW Crossroads Apartments LLC, in this transaction. CS1031 Crossroads Apartments purchased the community on behalf of Rincon Partners. The LLC sold the asset on behalf of Olympus Property.
TUCSON, ARIZ. — Core Spaces has opened Tucson II, a 104-unit student housing community located a few blocks away from the University of Arizona campus in Tucson. Tucson II offers studio, two-, three-, four- and five-bedroom, fully furnished apartments with custom designed furniture, floor-to-ceiling windows and 42-inch flat-screen televisions. Community amenities include a fitness center; spa featuring sauna and tanning beds; rooftop sundeck with pool, oversized hot tub, lounging and gaming areas and private, poolside cabanas; outdoor terrace with fire pits and custom barbecue grill; executive business center with computers and printers; and free, building-wide wi-fi.