PHOENIX — Jevan Capital has acquired the 301-unit La Reserve at Forty-Fifth apartment complex in Phoenix for $12.7 million. The community is located at 2627 N. 45th Ave. It was built in 1972. La Reserve offers one- to three-bedroom units. Amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas. Brett Polachek and Jim Crews of Cushman & Wakefield Phoenix represented the seller, CEGOP-PHX 1 LLC, in this transaction.
TUCSON, ARIZ. — Asset Campus Housing has been awarded management of INDI Tucson, a 250-bed community located near the University of Arizona. The property offers two-, three- and four-bedroom, fully furnished units. Community amenities include two resort-style pools, an outdoor media lounge, state-of-the-art fitness center and on-site laundry facilities.
PHOENIX — Archon Acquisition LLC has purchased a 295,401-square-foot office property in Phoenix’s Camelback Corridor for $81.7 million. The two-building property is located at 3131 and 3133 Camelback Road. The asset is 93 percent occupied. It was built in 1998. Lincoln Property Co. serves as the property manager. JLL’s John Bonnell, Brett Abramson and Chris Latvaaho will lead the leasing efforts. The seller was TR Camelback Corp. JLL’s Dennis Desmond and Lynn LaChapelle executed the sale.
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.
