Arizona

IDM Cos. Receives $62.6M Construction Financing for Meritum Sonoran Desert Multifamily Project in Phoenix

by Amy Works September 6, 2023

PHOENIX — IDM Cos. has received $62.6 million in construction financing for Meritum Sonoran Desert, a garden-style apartment project in Phoenix. Kevin MacKenzie, Brad Miner and Elle Miraglia of JLL Capital Markets Debt Advisory secured the loan through a life company for the borrower. Slated for completion in 2025, the 13-building community will feature 348 one-, two- and three-bedroom units with an average size of 1,048 square feet. Additionally, Meritum Sonoran Desert will feature a freestanding clubhouse with a residential living room and kitchen, exercise facility, package lockers, covered patio, dog park, fire pits and two resort-style pools. Meritum Sonoran Desert will be located at the northwest corner of Sonoran Desert Drive and 29th Avenue.

September 6, 2023

Milhaus-Banyan-Residential-Phase-One-Phoenix-AZ

Arizona Development Multifamily Western

Milhaus, Banyan Residential Break Ground on $117M Multifamily Project in Phoenix

by Amy Works September 5, 2023

PHOENIX — Developer Milhaus and Banyan Residential, a Los Angeles-based private real estate investment firm, have started construction on the first phase of a 515-unit apartment community in Phoenix. Phase I, a $117 million development, is slated for completion in fourth-quarter 2025. Located at the southwest corner of 48th and Washington streets in a designated Opportunity Zone, the 320-unit first phase will include a mix of studios, one-, two- and three-bedroom units ranging in size from 415 square feet to 1,392 square feet. Residences will feature glass showers, walk-in closets, kitchens with stainless steel appliances and private balconies. Community amenities will include two clubhouses and resort-style pools, a fitness center, green space and dog park. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3 million construction loan for the project. The project is Banyan’s ninth Opportunity Zone development and its fourth deal with Milhaus.

September 5, 2023

Acquisitions Arizona Multifamily Western

Orion Investment Real Estate Negotiates $87.8M Sale of Aerie Happy Valley Apartments in Phoenix

by Amy Works September 5, 2023

PHOENIX — Orion Investment Real Estate has brokered the sale of Aerie Happy Valley, an apartment community located at 1717 W. Happy Valley Road in Phoenix. The asset, formerly known as FirstStreet Happy Valley, sold for $87.8 million, or $439.25 per square foot. The names of seller and buyer were not released. Aerie Happy Valley features 214 apartments in a mix of 55 one-bedroom/one-bath, 101 two-bedroom/two-bath and 58 three-bedroom/two-bath units. Linda Fritz-Salazar and Angelessa Ritchie of Orion Investment Real Estate handled the transactions.

September 5, 2023

Arizona Development Multifamily Western

MEB, Raintree Investment Open Willow 38 Townhomes in Phoenix

by Amy Works September 5, 2023

PHOENIX — MEB Management Services, as property manager, and Raintree Investment Corp. have opened Willow 38, a gated townhome community located at 3842 E. Osborn Road in Phoenix’s Arcadia neighborhood. The community offers 38 floorpans, all above 2,000 square feet with three or four bedrooms and 2.5 baths. The energy-efficient residences feature smart home technology, including thermostats and stoves, Ring doorbell cameras, leak detection, touchless door locks and remote garage doors. Additionally, townhomes offer upgraded features such as pre-wiring personal garages for electric vehicle charging capabilities. Other townhome amenities include private, fenced backyards, 10-foot ceilings, gourmet kitchens, walk-in closets and private direct-access garages. Community amenities include a swimming pool with sun deck, hot tub, barbecue grills, a dog park and pickleball court.

September 5, 2023

Acquisitions Arizona Retail Western

Jewell Capital Sells SanTan Gateway North Shopping Center in Chandler, Arizona for $26.6M

by Amy Works September 1, 2023

CHANDLER, ARIZ. — Jewell Capital has completed the disposition of SanTan Gateway North, a multi-tenant retail center in Chandler. Coast Meridian Properties acquired the asset for $26.6 million, $215 per square foot. Situated on 17.1 acres at 1005-1205 S. Arizona Ave., SanTan Gateway North features 123,558 square feet of retail space. Current tenants include Walmart Supercenter, O’Reilly Auto Parts, Dollar Tree, Sky Zone and Shane Co. Additionally, Wendy’s, Del Taco and JPM Chase occupy the three outparcels. Darren Tappen, Nathan Thinnes and Peter Beauchamp of Kidder Mathews represented the seller in the transaction.

September 1, 2023

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $19.5M Sale of Via Alamos Apartments in Green Valley, Arizona

by Amy Works August 30, 2023

GREEN VALLEY, ARIZ. — ABI Multifamily has arranged the sale of Via Alamos Apartments, a 160-unit multifamily property located on West Via Alamos Drive in Green Valley. The property traded for $19.5 million, or $121,875 per unit. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group, in collaboration with Desiree Palmer, Ryan Kippes and Nathaniel McAdoo of ABI Multifamily’s Tucson Apartment Team, represented the buyer and seller in the transaction. The names of the parties were not disclosed. Built in 1984, Via Alamos Apartments features 88 one-bedroom/one-bath units, 56 two-bedroom/one-bath units and 16 two-bedroom/two-bathroom units with individual metered electricity and hot water heaters, air conditioning/heating, refrigerators, oven ranges, linen closets, high-speed internet access and cable access. Select units offer a balcony, dishwasher, garbage disposal and additional storage. Community amenities include a swimming pool, spa, fitness center, basketball court, dog park, children’s playground, leasing office, laundry room, additional storage and on-site covered and open parking.

August 30, 2023

Acquisitions Arizona Industrial Western

Western American Investments Acquires 10,963 SF Industrial Space in Tucson, Arizona

by Amy Works August 30, 2023

TUCSON, ARIZ. — Western American Investments has purchased an industrial space at 2425 W. Curtis Road in Tucson. Kassaboo LLC, Stefiboo LLC and Vegaboo LLC sold the asset for $2.2 million. The property features 10,963 square feet of industrial space. Paul Hooker of Cushman & Wakefield | PICOR represented the buyer in the deal.

August 30, 2023

Acquisitions Arizona Development Healthcare Industrial Mixed-Use Multifamily Office Restaurant Retail Western

Partnership Purchases 311-Acre Site for Mixed-Use Project in Gilbert, Arizona

by Amy Works August 29, 2023

GILBERT, ARIZ. — Indicap, Colmena Group and Langley Properties have completed the purchase of 311 acres of land at the northwest corner of Power and Warner roads in Gilbert. The property traded for $107.5 million in an all-cash transaction. The buyers plan to develop The Ranch, a billion-dollar mixed-use project on the site. With the land acquisition complete, the project will move to the site planning and design phase, with a groundbreaking slated for third-quarter 2024. The project will include: Jason Hyams of Insight Land and Investments represented the buyer. Danny Perkinson and Scott Perkinson of Perk Prop Real Estate represented the seller, The Dale C. Morrison Trust, in the deal.

August 29, 2023

Acquisitions Arizona Multifamily Western

Olympus Property Acquires 111-Unit Trailside Apartments in Flagstaff, Arizona

by Amy Works August 21, 2023

FLAGSTAFF, ARIZ. — Olympus Property has purchased Trailside Apartments, a multifamily community in Flagstaff. Terms of the transaction were not released. This acquisition expands Olympus’ presence in Flagstaff, where the company also owns Mountain Trail Apartments. Built in 2020, Trailside Apartments features 111 studio, one- and two-bedroom floor plans, ranging from 463 square feet to 951 square feet. Apartments offer nine-foot ceilings, hardwood floors, stainless steel appliances, private balconies and patios, in-unit washers/dryers and detached garages in select units. Community amenities include a clubhouse, business center, fitness center, steam room and outdoor fireplace.

August 21, 2023

Acquisitions Arizona Multifamily Western

Propeller Properties Buys Halmark Apartments in Tucson, Arizona for $2.3M

by Amy Works August 21, 2023

TUCSON, ARIZ. — Propeller Properties LLC has acquired Halmark Apartments, a multifamily property in Tucson. AZBAHAY LLC sold the asset for $2.3 million. Located at 3130 E. 4th St., the building features 12 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

August 21, 2023

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