Arizona

Western States Lodging, Colmena Group to Build $30M Assisted Living Community in Scottsdale

by Nellie Day September 19, 2016

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.

September 19, 2016

Arizona Multifamily Western

Caliber Buys Palms Multifamily Portfolio in Phoenix for $14M

by Nellie Day September 19, 2016

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.

September 19, 2016

Arizona Loans Multifamily Seniors Housing Western

Ziegler Arranges $20.5M in Bond Financing for Glencroft CCRC in Glendale

by Nellie Day September 15, 2016

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.

September 15, 2016

Arizona Multifamily Western

The Urbane 311-Unit Multifamily Complex Trades in Tucson

by Nellie Day September 14, 2016

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.

September 14, 2016

Arizona Multifamily Seniors Housing Western

Life Care Services, Westminster Funds to Add 24-Unit Independent Living Neighborhood to CCRC in Phoenix

by Nellie Day September 13, 2016

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.

September 13, 2016

Arizona Multifamily Western

Crossroads Apartments in Phoenix Sells for $25.2M

by Nellie Day September 12, 2016

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.

September 12, 2016

Arizona Multifamily Student Housing Western

Core Spaces Completes Student Housing Development Near the University of Arizona

by Nellie Day September 6, 2016

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.

September 6, 2016

Arizona Hospitality Western

The Siegel Group Nevada Buys Legacy Suites in Tolleson for $16.6M

by Nellie Day September 6, 2016

TOLLESON, ARIZ. — The Siegel Group Nevada has purchased a 442-unit Legacy Suites hotel in Tolleson for $16.6 million. The hotel was built in 2010. It will be renamed Siegel Suite Tolleson, This is the third Legacy Suites location the Siegel Group has acquired in the past 14 months. The other properties are located in Phoenix and Casa Grande.

September 6, 2016

Arizona Multifamily Western

Monarch Investment & Management Group Purchases Multifamily Portfolio in Tucson

by Nellie Day September 1, 2016

TUCSON, ARIZ. — Monarch Investment & Management Group has purchased a five-property multifamily portfolio in Tucson for an undisclosed sum. The communities contain 1,004 units totaling 686,314 square feet. The transaction includes the 160-unit Hampton Park, the 254-unit San Mateo, the 152-unit Solano Springs, the 310-unit Lakeside Apartments and the 128-unit Highland Apartments. The latter property is situated in Sierra Vista, while the rest are located in Tucson. The portfolio features an average occupancy rate of 94 percent. The properties were all constructed between 1973 and 1985. This is Monarch’s first purchase in Arizona. Cindy Cooke and Brad Cooke of Colliers International represented the seller, Hamilton Zanze, in this transaction.

September 1, 2016

Arizona Industrial Western

Cardinal IG Cos. Buys 77 Acres Near Phoenix for New Manufacturing Facility

by Nellie Day September 1, 2016

BUCKEYE, ARIZ. — Cardinal IG Cos. has purchased 77 acres of land in Buckeye, where it plans to develop a 250,000-square-foot advanced glass manufacturing facility. The build-to-suit facility will be situated just south of the southeast corner of Apache Road and Southern Avenue. The purchase price was not disclosed. The space is about three miles south of Interstate 10 and three miles east of Highway 85. Buckeye is a suburb just west of Phoenix. Cardinal IG is a wholly owned subsidiary of Cardinal Glass Industries, a glass manufacturer with more than 6,000 employees and 37 manufacturing locations across the U.S. Its new manufacturing facility will produce high-quality, energy-efficient insulating glass for residential window and door companies across the globe. The site is part of 152 acres controlled by Evergreen Devco Inc. and Evergreen-Apache & Southern LLC. JLL’s Anthony Lydon and Marc Hertzberg represented Evergreen in this transaction. The firm is also marketing the remaining 75 acres on the direct southeast corner of Apache and Southern, situated just north of the Cardinal IG site.

September 1, 2016

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