Arizona

Orsett Properties Sells 149,321 SF The Reserve at San Tan Office Property in Arizona for $53.1M

by Amy Works September 15, 2022

GILBERT, ARIZ. — Orsett Properties has completed the sale of The Reserve at San Tan, a trophy-quality office property in Gilbert. West Valley Properties acquired the asset for $53.1 million. Built in 2020 on 12.8 acres, The Reserve at San Tan features 149,321 square of office space spread across two three-story multi-tenant office buildings connected by a common area tenant amenity lounge. The building offers high-end spec suites with open ceilings, creative office finishes and abundant covered surface parking. Additional features include monument signage, building signage, tenant lounges, PRESS coffee on-site and conference facilities. CJ Osbrink, Scott Scharlach and Kevin Shannon of Newmark handled the transaction. Mike Garlick, also of Newmark, assisted in the sale and was retained by the buyer to lead leasing efforts at the property.

September 15, 2022

Acquisitions Arizona Multifamily Western

Greenlight Communities Sells Cabana 99th Apartments in Glendale, Arizona for $93.5M

by Amy Works September 12, 2022

GLENDALE, ARIZ. — Greenlight Communities has completed the sale of Cabana 99th, a multifamily community in Glendale. B&R Capital Partners and American Landmark acquired the asset for $93.5 million, or $326,923 per unit. Completed in 2022, Cabana 99th features 286 apartments with nine-foot ceilings, stainless steel appliance packages, wood-style vinyl plank flooring with carpet in the bedrooms and keyless entry systems. Select floor plans have built-in workstation desks and full-size, front-loading washers and dryers. Community amenities include a clubhouse, fitness center, outdoor fitness circuits and a resort-style swimming pool. The controlled-access, gated-entry property also offers two laundry rooms, co-working space, a parcel delivery room and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 12, 2022

Acquisitions Arizona Multifamily Western

Berkadia Negotiates Sale of 289-Unit Multifamily Property in Chandler, Arizona for $107M

by Amy Works September 9, 2022

CHANDLER, ARIZ. — Berkadia Institutional Solutions has arranged the sale of 2150 Arizona South, an apartment community located at 2150 S. Arizona Ave. in Chandler. San Diego-based MG Properties acquired the asset from an undisclosed seller for $107 million. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the transaction. Charles Christensen of Berkadia Irvine secured $58 million in permanent acquisition financing for the buyer. The 10-year loan was financed through Fannie Mae. Built in 2001, 2150 Arizona South features 289 one-, two- and three-bedroom apartments with an average unit size of 994 square feet. Community amenities include two swimming pools and spas, a fitness center, clubhouse, detached garages, barbecue area, playgrounds, a theater, game room and dog park.

September 9, 2022

Arizona Market Reports Multifamily Western Western Market Reports

Multifamily Remains Popular in Shifting Phoenix Market

by Jeff Shaw September 9, 2022

By Kimberly A. Rollins, Senior Vice President, Rollins & Randall Multi-Family Group, Commercial Properties Inc. The big question on everyone’s mind is where Phoenix’s multifamily market is going. After several years of pandemic-caused uncertainty, the implications are still transforming the market. Whether it is workforce mobility, supply chain issues, or labor shortages, uncertainty and inflation have affected all areas of real estate — no place more so than here in the Phoenix Metro Area. The perfect storm of historically low interest rates, job opportunities, limited new development and a low cost of living have given rise to the housing shortage that has played out in the Valley over the past several years. We saw multifamily effective rent increase 22.7 percent year over year in the third quarter of 2021, and an average market sale price per unit of $297,697, with a 3.9 percent year-to-date cap rate, according to CoStar. Over the past 10 years, vacancy rates have dropped every year. They fell from 8.3 percent in 2012 to a low of 5.8 percent in 2021. Conversely, year to date we are seeing a vacancy increase for the first time during that timeframe, to 7.7 percent. Last year also saw the highest level of …

September 9, 2022

Acquisitions Arizona NAI Retail Western

NAI Horizon Arranges Sale of 30,040 SF Olive Crossing Retail Building in Glendale, Arizona

by Amy Works September 7, 2022

GLENDALE, ARIZ. — NAI Horizon has negotiated the sale of Olive Crossing, a retail building located at 9250 N. 43rd Ave. in Glendale. Arizona MSK and Garvin Holdings acquired the 30,040-square-foot property from 43rd Ave LLC for $3.9 million. Matt Harper of NAI Horizon represented the seller and buyer in the transaction.

September 7, 2022

Acquisitions Affordable Housing Arizona California Multifamily New Mexico Western

CPP Acquires Three Affordable Housing Communities in California, New Mexico, Arizona for $48.7M

by Amy Works September 6, 2022

EL CAJON, CALIF.; GRANTS, N.M.; AND GLENDALE, ARIZ. — Community Preservation Partners (CPP) has purchased three multifamily properties in California, New Mexico and Arizona. CPP acquired Park Villa, a two-story garden-style apartment building in El Cajon, for $9 million. Built in 1959, Park Villa features 38 studio, one- and two-bedroom units designated at 30 percent to 60 percent of area median income (AMI). The project has a total redevelopment cost of approximately $18 million. Renovation is underway, with completion slated for December. The company bought Vista Mesa Villa, a 100-unit property with one- and two-bedroom layouts in Grants, for $6.5 million. CPP plans to invest $4.7 million, or $45,000 per unit, in renovations. Construction is underway and completion is scheduled for spring 2023. The residences at Vista Mesa Villa are set at 60 percent AMI. CPP also purchased Bethany Glen, a 25-building residential property in Glendale, for $33.2 million. The company plans to invest $58,000 per unit in renovations at the 150-unit community. Bethany Glen features one-, two- and three-bedroom units, as well as two additional buildings containing an employee unit and an office building. Project funding for all the properties leveraged Low-Income Housing Tax Credits and tax-exempt bonds and …

September 6, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $37M Sale of Commons on Stella Apartment Homes in Tucson

by Amy Works September 2, 2022

TUCSON, ARIZ. — ABI Multifamily has arranged the sale of Commons on Stella Apartment Homes, a multifamily property located at 6534 E. Stella Road in Tucson. An undisclosed California-based buyer acquired the asset from an undisclosed Illinois-based seller for $37 million, or $185,930 per unit. Completed in 1964, Commons on Stella Apartment Homes features 199 apartments in a mix of 30 one-bedroom/one-bath units, 109 two-bedroom/one-bath units and 60 three-bedroom/one-bath units. Each unit is individually metered for electricity and gas with individual hot water heaters. Units feature air conditioning/heating, full-size washers/dryers, hardwood floors, private enclosed backyards, oversized closets and kitchens equipped with refrigerators and microwaves, as well as dishwashers in select units. Community amenities include a swimming pool, splash pool, business center, clubhouse, children’s play area, picnic area with barbecues and assigned parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovich of ABI Multifamily’s Phoenix-based institutional apartment group, in collaboration with Desiree Palmer and Ryan Kippes of ABI Multifamily’s Tucson apartment team, represented the buyer and seller in the transaction.

September 2, 2022

Acquisitions Arizona Industrial Western

KKR Buys Newly Completed Industrial Park in Phoenix’s Southwest Valley for $90M

by Amy Works September 2, 2022

PHOENIX — KKR has acquired 101 at Van Buren, a newly constructed industrial park in Phoenix’s Southwest Valley industrial submarket. A real estate fund advised by Crow Holdings Capital and Seefried Industrial Properties sold the asset for $90 million. Completed in June 2022, the two-building park features more than 600,000 square feet of multi-tenant industrial space. The buildings feature 135-foot truck courts and 36-foot clear heights. With this acquisition, KKR now owns nearly 3 million square feet of industrial space across the Phoenix market.

September 2, 2022

Arizona Industrial Market Reports Western Western Market Reports

Where Do We Go Next? New Frontiers Emerge in Phoenix’s Tight Industrial Market

by Jeff Shaw September 2, 2022

By Bill Honsaker, Managing Director, JLL Metro Phoenix recorded more than 7 million square feet of industrial absorption during the second quarter of 2022, setting a quarterly record for the market. The average size of local industrial deals has also ballooned, increasing 25 percent year over year to a new high of 91,095 square feet. The Southwest submarket remains the Valley’s industrial powerhouse, accounting for 68 percent of total leasing volume this past quarter. But as demand for big space continues to swell, so does the pressure on inventory. That leaves the market divided into two groups: those already in the market with land or buildings in their possession, and those who missed the land rush and must now buy out someone else’s position. In fact, across the Valley’s industrial core (roughly bounded by the Loop 303 to the west, Phoenix Gateway Airport to the east, Deer Valley to the north and the lower 202 to the south), would-be investors, developers and tenants are beginning to ask, “Where do we go next?” This dynamic has become a boon for further-out markets to Phoenix’s east and west, as well as to the south — particularly Central Arizona. With projects like Inland Port Arizona, Pinal …

September 2, 2022

Acquisitions Arizona Multifamily Western

MG Properties Acquires Apartment Community in Chandler, Arizona for $107M

by Amy Works September 1, 2022

CHANDLER, ARIZ. — San Diego-based MG Properties has purchased 2150 Arizona Ave South Apartments I, a multifamily property in Chandler, for $107 million. Rebranded as 2150 Apartments, the community features one-, two- and three-bedroom floor plans. The number of units was not disclosed. Mark Forrester and Dan Cheyne with Berkadia represented the undisclosed seller in the deal. Chuck Christensen and Lowell Takahashi of Berkadia originated acquisition financing through Fannie Mae for the buyer.

September 1, 2022

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