Arizona

Grace Healthcare Sells Three Skilled Nursing Facilities for $14.7M, Exits California and Arizona

by Nellie Day June 9, 2016

MORAGA, CALIF., PLEASANT HILL, CALIF., AND PHOENIX — Grace Healthcare has sold Grace Healthcare of Moraga, Grace Healthcare of Pleasant Hill and Grace Healthcare of Phoenix for a total of $14.7 million. The dispositions mark the owner-operator’s exit from the states of California and Arizona. Located 20 miles east of San Francisco, Grace Healthcare of Moraga features 49 beds on 1.9 acres. Built in 1965, the 12,484-square-foot community offers dementia care and rehabilitative care. Grace Healthcare of Pleasant Hill is located 10 miles east of the Moraga community and features 51 beds. The community was built in 1958 on one acre, and underwent renovations in 2012. Grace Healthcare of Phoenix features 100 beds in a 26,621-square-foot facility on three acres. A California-based investor bought both California communities for a total of $8.2 million. The new owner will lease the community to a new operator. A regional investment group bought the Phoenix property for $6.5 million. Evans Senior Investments, a seniors housing brokerage firm, represented Grace Healthcare in the three transactions.

June 9, 2016

Arizona Office Western

VenSure Employer Services Leases Space at Chandler Freeway Crossing

by Nellie Day June 8, 2016

CHANDLER, ARIZ. — VenSure Employer Services has leased 25,000 square feet at Chandler Freeway Crossing. The Class A office space is located in Building One at the intersection of the Loop 101 and Loop 202 freeways in Chandler. All three buildings at Chandler Freeway Crossing are now fully occupied. VenSure will relocate from Mesa to the new space this September. Hani Aldulaimi of KW Commercial represented the firm. JLL’s Dave Seeger, Karsten Peterson, Mark Gustin and Elizabeth Collins are the exclusive leasing brokers for Chandler Freeway Crossing and represented Mark IV Capital in the lease transaction.

June 8, 2016

Arizona Multifamily Western

Bridge Investment Group Acquires Saratoga Ridge Apartments in Phoenix for $75.5M

by Nellie Day June 2, 2016

PHOENIX — Bridge Investment Group has purchased the 856-unit Saratoga Ridge apartment complex in Phoenix for $75.5 million. The community is located at 1450 E. Bell Road in the Deer Valley submarket. It was built in 1984 and is currently 95 percent occupied. Jim Crews and Brett Polachek of Cushman & Wakefield represented the seller, the Variable Annuity of Life Insurance Company (AIG Asset Management LLC), in this transaction.

June 2, 2016

Arizona Multifamily Western

Arboretum at South Mountain in Phoenix Changes Hands for $45.5M

by Nellie Day June 2, 2016

PHOENIX – The 312-unit Arboretum at South Mountain apartment complex in Phoenix has sold to an unnamed buyer for $45.5 million. The community is located at 15251 S. 50th St. in Ahwatukee Foothills, an urban village adjacent to South Mountain Park in Phoenix. Arboretum at South Mountain is situated near Interstate 10, U.S. Route 60, Loop 101 and the upcoming Loop 202 expansion. Notable employers in the area include Intel, Verizon Wireless, Honeywell, Avnet and Insight. Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap’s National Multi Housing Group represented the unnamed seller and procured the buyer.

June 2, 2016

Arizona Multifamily Seniors Housing Western

Lancaster Pollard Arranges Sale of Two American Orchards Seniors Housing Communities in Arizona

by Nellie Day June 2, 2016

MESA and APACHE JUNCTION, Ariz. — Lancaster Pollard has advised on the sale of two American Orchards Senior Living communities in Arizona for an undisclosed price. Madison Realty Cos. purchased the communities, both located in the Phoenix suburbs and offering assisted living and memory care. The Mesa location was built in 2010 and the Apache Junction location was built in 2012. American Orchards plans to focus its efforts on its newest development in nearby Gilbert. Lancaster Pollard managing directors Jason Dopoulos and Chad Elliott led the transaction.

June 2, 2016

Arizona Loans Multifamily Western

CBRE Arranges $19.7M Acquisition Loan for Assisted Living Community in Glendale

by Nellie Day May 31, 2016

GLENDALE, ARIZ. — CBRE has arranged a $19.7 million loan for the acquisition of MorningStar at Arrowhead, an 85-unit assisted living and memory care community in the Phoenix submarket of Glendale. The borrower is a joint venture between MorningStar Senior Living, Oakwood Real Estate Partners and Confluent. MorningStar developed the property, which opened in September 2015. The company will continue to operate the community after the transaction. The non-recourse, floating-rate loan features a three-year term, 36 months of interest-only payments and an all-in rate below 3 percent. A national bank provided the capital. Aron Will, vice president of CBRE National Senior Housing, arranged the financing. Oakwood is a commercial real estate private equity firm located in Denver. Confluent is a full-service real estate investment and development company, also based in Denver.

May 31, 2016

Arizona Multifamily Western

Barrington Regent Apartments in Phoenix Sells for $11M

by Nellie Day May 31, 2016

PHOENIX — Curtis Capital Group has purchased the 124-unit Barrington Regent apartment complex in Phoenix for $11 million. The community is located at 825 W. Osborn Road. It is less than a mile from the Metro Light Rail and about one mile from the Downtown Phoenix Corridor. Top employers in the area include both city and state governments, as well as TGEN Bioscience Research. Barrington Regent was built in 1980. The seller was Su Casa properties. Mark Forrester, Ric Holway, Dan Cheyne and Tom Wolff of Berkadia executed the transaction.

May 31, 2016

Arizona Industrial Western

Strategic Storage Growth Trust Buys Self-Storage Facility in Phoenix

by Nellie Day May 31, 2016

PHOENIX — Strategic Storage Growth Trust has acquired an 840-unit self-storage facility in the Phoenix submarket of South Mountain Village for an undisclosed price. The facility is located at 1500 E. Baseline Road. Glacier Development designed the Class A property.

May 31, 2016

Arizona Multifamily Western

Weidner Acquires The Reserve at Arrowhead in Phoenix for $64.5M

by Nellie Day May 18, 2016

PHOENIX — Weidner Apartment Homes has acquired The Reserve at Arrowhead, a 472-unit multifamily asset in Phoenix, for $64.5 million. The community is located at 7701 W. St. John Road. Mark-Taylor Inc. developed the property between 1998 and 1999. The Reserve at Arrowhead is within walking distance of Arrowhead Towne Center, a 1.2 million-square-foot super-regional mall. Notable employers in the area include Joseph’s Westgate Medical Center, Luke Air Force Base, AAA, the City of Glendale, Honeywell, Humana Healthcare, Midwestern University, Conair Corp. and the Thunderbird School of Global Management. Steve Gebing and Cliff David of Marcus & Millichap’s National Multi Housing Group represented both the buyer and the seller, an institutional investment management firm, in this transaction.

May 18, 2016

Arizona Multifamily Western

IMT Capital Acquires Sienna at Riverview Apartments in Mesa for $53.8M

by Nellie Day May 17, 2016

MESA, ARIZ. — IMT Capital has purchased the 340-unit Sienna at Riverview apartment complex in Mesa for $53.8 million. The community is located at 711 N. Evergreen Road. It was developed in 1999. Marina Heights, Arizona’s largest office development, is currently being developed on the south bank of Tempe Town Lake, less than three miles from Sienna at Riverview. Steve Gebing and Cliff David of Marcus & Millichap’s National Multi Housing Group, represented both the buyer and seller, LCOR, in this transaction.

May 17, 2016

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