Arizona

Rockpoint, Related Sell Town Deer Valley Apartments in Phoenix for $131.1M

by Amy Works February 12, 2025

PHOENIX — A venture between Rockpoint and The Related Group has completed the disposition of Town Deer Valley, a multifamily community in Phoenix, to Goodman Real Estate for $131.1 million, or $337,887 per unit. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2024 on 18 acres, Town Deer Valley offers 388 apartments with stainless steel refrigerators, single-door access to patios and balconies with exterior storage, and smart home automation packages. Community amenities include a 5,900-square-foot clubhouse with an arts and crafts room, a poker room and La Galere sundry shop; a 3,800-square-foot fitness center building; and a pool area with a swimming pool and a wading pool with submerged loungers.

February 12, 2025

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix Multifamily Remains Resilient Amid Record Growth

by John Nelson February 11, 2025

— By Brett Polachek of Newmark — Phoenix’s multifamily market experienced dynamic shifts in 2024, driven by strong population growth, economic expansion and single-family cost of ownership. Phoenix remains a top relocation destination, with a population growth rate of 1.8 percent (+85,000 residents), nearly double the national average of 0.98 percent. This influx is supported by the addition of more than 52,000 jobs from October 2023 to October 2024. Phoenix also has the fifth healthiest rent-to-income ratio among 30 major U.S. markets that we sampled. Demand for multifamily housing reached record levels, with 14,528 units absorbed annually, marking the strongest performance since 1994. The supply experienced an annual increase of 6.4 percent as 19,835 units delivered last year. The far West Valley submarkets of Avondale, Goodyear and West Glendale led supply growth, adding 6,100 units to their inventory. The market showed resilience despite this historic supply wave. Occupancy rose 1 percent year over year to 93.7 percent, while Class B units clocked in a 94 percent occupancy rate. This was followed by Class A at 93.8 percent and Class C at 93.2 percent. These figures remain slightly below pre-pandemic levels, but they reflect a strong recovery trajectory. Asking rents in …

February 11, 2025

Acquisitions Arizona Retail Western

Mister Car Wash Acquires 23,550 SF Retail Building in Tucson, Arizona for $3.2M

by Amy Works February 10, 2025

TUCSON, ARIZ. — Tucson-based Mister Car Wash has purchased a 23,550-square-foot retail property in Tucson from Oracle Partners for $3.2 million. The buyer plans to start redevelopment of the building, which was formerly occupied by BevMo, this quarter. The asset is situated on 1.6 acres at 46446 N. Oracle Road. Aaron LaPrise and Greg Furrier of Cushman & Wakefield | PICOR represented the buyer in the transaction. Furrier also represented the seller.

February 10, 2025

Acquisitions Arizona Office Western

CBRE Arranges Sale of 29,806 SF Scottsdale Executive Square Office Building in Arizona

by Amy Works February 7, 2025

SCOTTSDALE, ARIZ. — CBRE has brokered the sale of Scottsdale Executive Square, an office property located at 13951 N. Scottsdale Road in Scottsdale. A Southern California-based private buyer acquired the asset from an undisclosed seller for $4.8 million. Built in 1993, the two-story, 29,806-square-foot Scottsdale Executive Square was 98.1 percent leased at the time of sale to 19 local and regional office and medical tenants. Geoffrey Turbow and Philip Wurth of CBRE represented the seller in the deal.

February 7, 2025

Arizona Development Industrial Western

Ryan Cos., Alidade Capital Break Ground on Chandler Freeways Business Park in Arizona

by Amy Works February 6, 2025

CHANDLER, ARIZ. — A joint venture between Ryan Cos. and Alidade Capital has closed financing and broken ground on Chandler Freeways Business Park, located southeast of Loop 202 and Interstate 10 in Chandler. The project includes converting a former office building, which was originally built by Ryan Cos. in 2003, into an 87,600-square-foot, single-story Class A industrial building, and constructing a 102,875-square-foot Class A industrial building. Chandler Freeways Business Park will feature full concrete truck courts, reinforced speed bays, speculative office suites, warehouse lighting, the capacity for high power, a total of 26 dock-high doors and 301 vehicle parking stalls. Butler Design Group is the architect of record. Mark Krison, Luke Krison and Armand Doost of CBRE are marketing the project for lease.

February 6, 2025

Acquisitions Arizona Hospitality Western

HSL Properties Purchases Two-Property Hotel Portfolio in Mesa, Arizona for $50.2M

by Amy Works February 5, 2025

MESA, ARIZ. — HSL Properties has acquired two hotels in Mesa for a combined $50.2 million from Power Hotel Group. Bill Murney and Mike Montoya of Cushman & Wakefield’s Western Hospitality Advisory Group represented the seller. The portfolio includes a 180-room Sheraton, a 129-room Courtyard by Marriott, 15,000 square feet of retail space, a commercial laundry facility, a full spa and 18,000 square feet of meeting space, including an 11,000-square-foot ballroom.

February 5, 2025

Arizona Development Industrial Western

Mack Real Estate Group Breaks Ground on Phase I of 1.2 MSF Industrial Park in Scottsdale, Arizona

by Amy Works February 4, 2025

SCOTTSDALE, ARIZ. — Mack Real Estate Group, with Willmeng Construction as general contractor, is developing Mack Innovation Park Scottsdale (MIP Scottsdale), a 1.2 million-square-foot industrial project in Scottsdale. The team has started vertical construction of the 305,400-square-foot Phase I of the project. Phase I of MIP Scottsdale will consist of two buildings with 32-foot clear heights, 53 dock-high doors, 20 grade-level doors and 516 parking stalls. Financing for the project includes $43 million in first mortgage construction debt provided by Bank OZK, and $19.8 million in construction mezzanine financing provided by PGIM Real Estate. Lenga Partners, a Chile-based real estate investment firm, is Mack’s equity joint venture partner in the project. The development team includes Butler Design Group and Withey Morris Baugh PLC. Mitch Stravitz and Rusty Kennedy of CBRE, James Cohn of Stream Realty and Randy Shell of Shell Commercial are handling leasing for the project.

February 4, 2025

Arizona Development Multifamily Student Housing Western

PeakMade Real Estate to Break Ground on 395-Unit Multifamily Community Near University of Arizona

by Amy Works January 30, 2025

TUCSON, ARIZ. — PeakMade Real Estate is set to break ground on Theory Tucson, a 395-unit mixed-use development located near the University of Arizona campus in Tucson. The conventional multifamily project, which will also contain some retail space, is designed to appeal to students as well as the local population. The 19-story community will span 686,000 square feet, offering units in studio, one-, two-, three- and four-bedroom configurations. Shared amenities will include a lounge, fitness area, coworking space and a rooftop swimming pool. The transit-oriented development will also feature access to a local rail line. The development team for the project includes M.A. Mortenson Co., Gensler, Power Design, Suntec Engineering and Rick Engineering. The community is scheduled for completion in fall 2027.

January 30, 2025

Acquisitions Arizona Multifamily Western

Aultas Sells 100-Unit Table Rock Multifamily Property in Flagstaff, Arizona

by Amy Works January 30, 2025

FLAGSTAFF, ARIZ. — Aultas has completed the disposition of Table Rock, an apartment community in Flagstaff, to Investors Capital Group for $25.9 million, or $259,000 per unit. Located at the intersection of interstates 17 and 40, Table Rock features 100 two- and three-bedroom floor plans, averaging 1,032 square feet. The community also features a leasing office, clubhouse and fitness center. The property was built in 1998. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

January 30, 2025

Arizona Development Industrial Loans Western

AEW Provides $68M Construction Loan for Industrial Park in Tempe, Arizona

by Amy Works January 29, 2025

TEMPE, ARIZ. — AEW Capital Management has provided a $68 million construction mortgage for the development of NextWave Tempe, a Class A industrial project in Tempe. A partnership between Overton Moore Properties and Invesco Real Estate broke ground on the project, which is located at 1500 N. McClintock Drive, in mid-January. Slated for completion in the fourth quarter, NextWave Tempe will feature 689,000 square feet of industrial space spread across three buildings.

January 29, 2025

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