PHOENIX — Greystone has provided a total of $45.5 million in financing for two multifamily communities in Phoenix. The first loan was $26.2 million for Granite Bay. The second was $19.3 million for Valencia Park. Both Fannie Mae DUS loans feature 10-year terms with 30-year amortization periods. Tony Spaeth of Greystone originated the loans.
MESA, ARIZ. — CBRE has arranged the sale of Tri-CityPavilions, a 96,336-square-foot shopping center anchored by Safeway in Mesa. Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham of CBRE’s Phoenix office negotiated the transaction on behalf of the seller, J.G. Management Co. of Westlake Village, California. The buyer is Fairfield, N.J.-based Lamar Cos. The property, located at the northeast corner of Dobson Road and Main Street, was 75 percent leased at the time of sale.
TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Manor at Midvale, a 140-unit independent living community in Tucson. This is CPF Living’s second property acquisition in the state of Arizona. The sale price was not disclosed. Manor at Midvale is a multi-story, multi-building community. The buyers plan to make investments to improve the property, though specific projects were not disclosed. Grace Management will operate the community.
GLENDALE, ARIZ. — 3rd Ave Investments has purchased the 260-unit Sonoma Terrace Apartments in Glendale for $15.3 million. The community is located at 5220 W. Northern Ave. It was built in 1979. Trevor Koskovich, Bill Hahn and Jeff Sherman, all with Colliers’ Phoenix office, represented both the buyer and seller, Mentor Properties, in this transaction.
TUCSON, ARIZ. – MCFT Holdings LLC has acquired the 70-unit San Simeon apartments in Tucson for $3.7 million. The community is located at 6091 E. Golf Links Road. It was built in 1963 and underwent a large-scale renovation in 2013. MCFT Holdings acquired the asset as a long-term investment and plans to implement general property upgrades.The LLC represented itself in this transaction while Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International represented the seller, Corey Peterson.
TUCSON, ARIZ. — Capital Square 1031 has acquired Galeria del Rio, a 101-unit townhome community in Tucson, for an undisclosed sum. The community is located at 5132 N. Prairie Clover Trail. It was completed in December 2014. Galeria del Rio is currently 94 percent occupied. Notable neighboring employers include Raytheon Missile Systems, Texas Instruments, IBM, Intuit, Honeywell and Universal Avionics.
PHOENIX — AFS Technologies has renewed its lease for office space at Park One in Phoenix. The Class A space is located at 2141 E. Highland Ave., within the Camelback Corridor. It was built in 1982 and renovated in 2014. The retail and supply chain solutions company uses this space as its corporate headquarters. It has occupied the building since 2007. Craig Coppola and Bill Blake of Lee & Associates represented AFS. Matthew Kaufold of the same firm represented the landlord, McCarthy Cook & Co., in this transaction.
CHANDLER, ARIZ. — Virtú Investments has purchased The Fairways, a 352-unit apartment community in Chandler, for $47 million. The Class A community is located at 777 W. Chandler Blvd. The Fairways is 95 percent occupied. The community was built in two phases in 1986 and 1996, overlooking the historic San Marcos Golf Resort. Cindy Cooke and Brad Cooke of Colliers’ Phoenix office represented the seller, BAZV Fairways LLC, in this transaction.
FLAGSTAFF, ARIZ. — American Campus Communities has broken ground on its fourth student housing community in partnership with Northern Arizona University in Flagstaff. The 284,982-square-foot residential community, to be named SkyView, will house 626 students in 163 units. The property will comprise three-, four- and five-story buildings with flat and townhome floor plans. The community offers two-, three- and four-bedroom units with bed-to-bath parity. Select two-bedroom units will also feature a half bath. A two-story, 12,602-square-foot community center will be located on the property, and will offer academic amenities including private study rooms, a quiet study loft and an academic success center. The community center will also feature a large community plaza with a fire pit, active gaming and lounge areas, and mail and leasing services. The property will also contain a two-story fitness center with storage lockers and bike parking. The SkyView transaction was structured under ACC’s American Campus Equity program, which gives universities the opportunity to expand their student housing portfolio while taking on the least amount of risk. Under the ACE program, no university financial resources will be used. The development is set to open in fall 2017.
TEMPE, ARIZ. — Wentworth Property Co. has purchased a 228,000-square-foot office building in Tempe for $16.5 million. The building is located at 1515 W. 14th St. It was vacant at the time of sale. The buyer is undertaking significant renovations to the property. CBRE’s Barry Gabel and Chris Marchildon and JLL’s Karsten Peterson, Dave Seeger and Mark Gustin represented the seller, BF Enterprises, in this transaction. The same team will lease the property.