TUCSON, ARIZ. — An unnamed buyer has acquired a 320-unit apartment complex in Tucson for $33.6 million. The community was built in 1995. The seller was Independence Realty Trust (IRT). The firm will utilize the net cash proceeds to reduce its outstanding debt and for general corporate purposes. The firm is currently in the process of selling properties that fall outside its geographic focus.
SCOTTSDALE, ARIZ. — Caliber, along with the Caliber Distressed Real Estate Income Fund and its investment partners via GC Square, have acquired a four-building, 164-unit apartment complex near Grand Canyon University (GCU) in Scottsdale for $6.5 million. The property will be renamed GC Square, Caliber Realty Group, a subsidiary of Caliber, will manage the property. Located within walking distance to the GCU campus, Caliber is now evaluating its redevelopment and repositioning opportunities. GCU is a private, for-profit Christian university purchased by Grand Canyon Education in 2004.
PHOENIX — Lancaster Pollard has provided a $9.5 million FHA loan for the refinancing of Sunshine Village, a 49-unit memory care community in Phoenix. The cottage-style community consists of seven single-story buildings. It was constructed in 1999 and renovated in 2013. The nonrecourse loan carries a 35-year term and fixed interest rate. The refinancing provides Sunshine Village with debt service savings as well as over $335,000 in funds for capital improvements. Jason Dopoulos led the transaction for Lancaster Pollard.
PHOENIX — The ASU Foundation of Tempe has purchased a 51,145-square-foot flex industrial warehouse in Phoenix for $3.2 million. The warehouse is located at 4525 E. McDowell Road. The foundation plans to upgrade and rehabilitate the property. Rich Sica of Daum Phoenix represented both the buyer and seller, AMK Properties, in this transaction.
GILBERT, ARIZ. — The Corporation of the Presiding Bishop of Church of Jesus Christ of Latter-Day Saints has purchased 10.4 acres of land in Gilbert for $4.2 million. The land is located at southeast corner of Val Vista Drive and Williams Field Road. Mark Wilcke of NAI Horizon represented the church in the transaction. Nate Worthen of Newmark Grubb & Frank represented the sellers, Arcus Williams Field-EP LLC and Pendleton Capital Partner LLC.
PEORIA, GOODYEAR and MESA, ARIZ. — Avanti Senior Living is developing three matching assisted living and memory care communities in Peoria, Goodyear and Mesa, all in the Phoenix metro area. Each 77,000-square-foot community will cost $15 million and house up to 150 seniors. Based in Texas, Avanti Senior Living owns, develops and operates luxury seniors housing communities. The company was launched in 2013 and has nine communities either completed or under development in Texas, Louisiana and Arizona.
PHOENIX — Yotam Shochat at NOY Investments LLC has purchased the 38-unit West Glen apartment complex in Phoenix for $2.7 million. The community is located at 911 and 917 W. Glendale Ave. It was built in three phases in 1954, 1959 and 1963. Zack Mishkin of Orion Investment Real Estate represented the buyer. Bill Hahn of Colliers HSK Multifamily represented the seller, Cal DeSouza at Sonoma West Villas LLLP.
PHOENIX — CBRE has arranged the $24.8 million sale of Village Center, a 171,129-square-foot shopping center located in Phoenix. Jesse Goldsmith, Steve Julius, George Good and Christian Williams of CBRE negotiated the sale. Camino Verde Center LLC acquired the property from an undisclosed seller.
TEMPE, ARIZ. — Berkadia has arranged the $16.8 million sale of The Mark, a student housing community within walking distance of Arizona State University in Tempe. The Mark features 161 units with studio, one- and two-bedroom floor plans. Built in 1970, the property is currently 98 percent occupied and master-metered for HVAC. Community amenities include a swimming pool, sundeck, student lounge, fitness center, courtyard with barbecue grills and elevator access. Berkadia’s Dan Cheyne, vice president; Mark Forrester, senior managing director; Ric Holway, managing director; and Kevin Larimer, managing director — student housing, closed the sale. Nelson-Brothers of Aliso Viejo, Calif., is the buyer of the property. The seller, Sundance Bay of Salt Lake City, purchased the property as a distressed asset and completed a full renovation and rebranding. The purchase price reflects a per-unit price of $104,280.
PHOENIX — A private investor has purchased the 288-unit Mountainside luxury apartments in Phoenix for an undisclosed sum. The complex is located at 3625 East Ray Road, within the master-planned Mountain Park Ranch community. It is situated within the urban village of Ahwatukee. Mountainside was developed by Fairfield Residential in 1996. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, Cornerstone Real Estate Advisers, in this transaction. Cornerstone was acting on behalf of an institutional investor.