TEMPE, ARIZ. — Legacy Partners Residential has received city approval for the development of University Village 2.0, a new $60 million mixed-use, 775-bed student housing community near Arizona State University in Tempe. Located directly adjacent to Tempe’s light rail line, University Village 2.0 will replace a 1960s-era student housing complex, which will be demolished. KTGY is the project’s designer and architect. University Village 2.0 will feature 260 units and include studio, one-, two- and four-bedroom units. The community will also include 1,800 square feet of ground-level retail space. The units will range in size from 445 square feet to approximately 1,400 square feet and feature high-end finishes, stone countertops, stainless steel kitchen appliances, vinyl wood-plank flooring and in-unit washers and dryers. The majority of the units will feature the four-bedroom floor plans. The development will include multiple indoor and outdoor amenities, including a resort-style pool with beach entry, outdoor jumbo TV, sand volleyball court, fitness center and clubroom spaces. University Village 2.0 will consist of a single, five-story apartment building wrapped around two central courtyards and a parking garage. Legacy Partners plans to start demolition and construction on University Village 2.0 by summer 2016, and open for the fall 2018 semester.
Arizona
CBRE Arranges $25M Construction Financing for 129-Unit Seniors Housing Community in Arizona
by Nellie Day
TUSCON, ARIZ. — CBRE National Senior Housing has arranged a $25 million construction loan for Hacienda at The River, a 129-unit assisted living, memory care and skilled nursing community in Tuscon. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community on a 5.75 acre plot. When completed, Watermark will manage the community. Aron Will, executive vice president of CBRE National Senior Housing, and Jim Sellers and Tim Prouty, both senior vice presidents of the CBRE Debt & Structured Finance office in Tucson, secured a three-year, floating-rate loan that then converts to a three-year, mini-perm loan. The loan was placed through a regional bank. Based in Tuscon, Watermark is the 13th largest operator of seniors housing communities in the U.S. with 38 communities comprising 7,483 units, according to 2015 data from the American Seniors Housing Association.
SIERRA VISTA, ARIZ. — Friedman Integrated Real Estate Solutions, in a joint venture with its institutional equity partner, has acquired Plaza Vista Mall, a 227,110-square-foot retail power center located in Sierra Vista. The center is 95.8 percent occupied by tenants including Cal Ranch, Hobby Lobby, Marshalls, Dollar Tree, Cato, Payless ShoeSource, Ross Dress for Less and Sally Beauty.
SCOTTSDALE, ARIZ. — Arc Construction and MacDonald Development have purchased a 17,711-square-foot building in Scottsdale that houses the Arizona School of Real Estate & Business for $7.7 million. The building is located at 7142 E. 1st St. The sale also included an adjacent parking lot on 40,623 square feet of land. Jon Rosenberg and Keri Davies of LevRose Commercial Real Estate represented the seller, Bill Gray, the school’s original founder.
PHOENIX — OpenPath Investments has purchased the 160-unit Ventana Palms Apartments in Phoenix for $8.5 million. The community is located at 7021 W. McDowell Road. It was built in 1989. OpenPath will invest $1.5 million in interior and exterior upgrades to the property.
MARANA, ARIZ. — Marcus & Millichap has arranged the $5.4 million sale of a 14,820-square-foot net-leased Walgreens property located in Marana. Jamie Medress and Mark Ruble of Marcus & Millichap worked on behalf of the seller, a developer, and Ryan Shook and Evan Barry of Marcus & Millichap worked on behalf of the buyer, a limited liability company, in the transaction.
PHOENIX — Manning & Kass, Ellrod, Ramirez, Trester LLP has leased 16,360 square feet of office space at Security Title Plaza in downtown Phoenix. The space is located at 3636 North Central Ave. The company was previously headquartered in Scottsdale. Tiffany Winne and Luke Raimondo of Savills Studley represented the law firm. DTZ’s Mark Stratz and Scott Baumgarten represented the landlord, Reven Capital.
PHOENIX — Grandbrige Real Estate Capital’s seniors housing and healthcare finance team has arranged a $10.5 million refinancing for Avista North Mountain, an assisted living, memory care and independent living community in Phoenix. The community comprises 134 units. BB&T Real Estate Funding provided the capital.
MESA AND GILBERT, ARIZ. — Two new Pure Barre locations are set to open in the Phoenix area. Leases include a 1,935-square-foot space in Village Square at Dana Park in Mesa, and a 1,658-square-foot space in Spectrum Town Center in Gilbert. Alan Houston of SRS Real Estate represented the tenant, Pure Barre, in both transactions.
PHOENIX — Sagewood, a luxury senior living retirement community in northeast Phoenix, plans to add The Estates at Sagewood, a new neighborhood featuring 24 independent living homes. The new homes have multiple floor plans, including villas and duplexes. Sagewood is also expanding its onsite Acacia Health Center. With the addition of The Estates at Sagewood, the community will have 316 independent living residences.