Arizona

Greenwater Investments Sells Villas Los Limones Apartment Property in Phoenix for $58.2M

by Amy Works August 23, 2022

PHOENIX — Greenwater Investments has completed the disposition of Villas Los Limones, an apartment community in Phoenix. Rincon Partners acquired the asset for $58.2 million, or $260,000 per unit. Situated on nine acres, Villas Los Limones features 224 apartments spread across 18 buildings. The average apartment size is 678 square feet. Community amenities include a pool, clubhouse and laundry facilities. Cliff David, Steve Gebing, Hamid Panahi and Clint Wadlund of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 23, 2022

Arizona Development Multifamily Seniors Housing Western

Revel Communities Opens Two Independent Living Properties in Scottsdale, Arizona

by Amy Works August 23, 2022

SCOTTSDALE, ARIZ. — Revel Communities has completed construction of Revel Scottsdale and Revel Legacy, both independent living communities in Scottsdale. Then properties are the 12th and 13th independent living communities the brand has opened since launching in 2018, and its first two in Arizona. Revel Scottsdale offers 157 units near the bustling shops and dining of Old Town Scottsdale, with rents starting at $3,695 per month. Revel Legacy offers 169 units among the mountain views of North Scottsdale with rents starting at $3,795 per month.

August 23, 2022

Arizona Development Industrial Top Stories Western

Intel, Brookfield to Jointly Invest $30B for Expansion of Semiconductor Manufacturing Plants in Chandler, Arizona

by John Nelson August 23, 2022

CHANDLER, ARIZ. — Tech giant Intel Corp. (NASDAQ: INTC) has signed a definitive agreement with the infrastructure affiliate of Brookfield Asset Management (NYSE: BAM), a global alternative asset management firm, to fund the expansion of its Ocotillo semiconductor manufacturing campus in Chandler. Under terms of the agreement, the companies will jointly invest up to $30 billion in the buildout, with Intel providing 51 percent and Brookfield Infrastructure Partners providing 49 percent of the total project costs. Dubbed the “Semiconductor Co-Investment Program,” the partnership will create two new production facilities on the 700-acre campus, which Intel established in 1980. Santa Clara, Calif-based Intel will retain majority ownership and operating control of the two new chip factories. No construction details or timeline were disclosed. Semiconductors, or chips, are an essential element of most all electronic and computing devices, including electric vehicles, phones, tablets, TVs, home appliances, solar panels and gaming consoles. “Semiconductor manufacturing is among the most capital-intensive industries in the world,” says David Zinsner, Intel’s chief financial officer. “Our agreement with Brookfield is a first for our industry, and we expect it will allow us to increase flexibility while maintaining capacity on our balance sheet to create a more distributed and …

August 23, 2022

Acquisitions Arizona Multifamily Western

Avanti Residential Sells Villas at Mountain Vista Ranch Apartments in Surprise, Arizona for $85M

by Amy Works August 22, 2022

SURPRISE, ARIZ. — Avanti Residential has completed the disposition of Villas at Mountain Vista Ranch, an apartment property located at 16630 N. Reems Road in Surprise. An undisclosed buyer acquired the asset for $85 million. Built in 2003, Villas at Mountain Vista Ranch features 256 apartments in a mix of one-, two- and three-bedroom floor plans with an average unit size of 1,008 square feet. Apartments include in-unit washers/dryers. Onsite amenities include a pool with lounge seating and a fitness center. Brad Goff, Brett Polachek and Chris Canter of Newmark represented the seller in the transaction. Newmark also arranged financing for the acquisition.

August 22, 2022

Acquisitions Arizona Office Western

Cushman & Wakefield Negotiates $8.2M Sale of Office Building in Phoenix

by Amy Works August 22, 2022

PHOENIX — Cushman & Wakefield has arranged the sale of a multi-tenant office property in Phoenix. Jumping Cholla II LLC sold the asset to 4545 Investment Alliance LLC, a Washington company, for $8.2 million. Located at 4545 E. Shea Blvd., the two-story building features 46,574 square feet of space. At the time of sale, the property was 90 percent leased to a mix of tenants. Built in the mid-1980s and renovated in 2008, the garden-style building features a covered central courtyard and outdoor common area patio spaces on the second floor. Eric Wichterman and Mike Coover of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

August 22, 2022

Acquisitions Arizona Multifamily Western

Northmarq Negotiates $44.5M Sale of Sonoma Valley Apartments in Apache Junction, Arizona

by Amy Works August 18, 2022

APACHE JUNCTION, ARIZ. — Scottsdale-based Sonoma Valley LLC has completed the sale of Sonoma Valley Apartments, located at 975 S. Royal Palm Road in Apache Junction. FSO Real Estate Services, a division of Phoenix-based FSO Capital Partners, acquired the property for $44.5 million. Built in 2001, the 176,000-square-foot community consists of 11 two-story residential buildings on 9.9 acres. The property features 88 two-bedroom/two-bath, 950-square-foot units and 88 three-bedroom/two-bath, 1,050-square-foot units. On-site amenities include a pool, hot tub, 24-hour fitness center, picnic areas, basketball court and playground. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of Northmarq’s Phoenix investment sales team brokered the transaction.

August 18, 2022

Acquisitions Arizona Office Western

CapRidge Partners Sells Scottsdale Forum Office Building in Arizona for $53.6M

by Amy Works August 17, 2022

SCOTTSDALE, ARIZ. — CapRidge Partners has completed the sale of Scottsdale Forum, a Class A office property located at 6263 N. Scottsdale Road in Scottsdale. Federal Realty Investment Trust acquired the asset for $53.6 million. Situated on 7.1 acres, Scottsdale Forum features 214,000 square feet of recently renovated office space. On-site amenities include an outdoor courtyard and gaming area, on-site deli, collaboration areas, tenant lounges, conference room and underground parking. Ben Geelan and Will Mast of JLL Capital Markets represented the seller in the transaction.

August 17, 2022

Arizona Development Loans Multifamily Western

JLL Arranges $49.4M Construction Loan for Flagstaff Elkwood Multifamily Development in Arizona

by Amy Works August 16, 2022

FLAGSTAFF, ARIZ. — JLL Capital Markets has arranged $49.4 million in construction financing for the development of Flagstaff Elkwood, an apartment community in Flagstaff. Brad Miner and Eric Tupler of JLL Capital Markets secured the 65 percent loan-to-cost-ratio loan with a commercial bank for the borrower, Wexford Development. Slated for completion in late 2024, Flagstaff Elkwood will feature 224 apartments in a mix of studio, one- and two-bedroom layouts spread across four four-story residential buildings. Units will offer stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. On-site amenities will include a 4,000-square-foot leasing center, 6,000 square feet of retail space, a clubhouse with lounge area, fitness center, pool, spa and grilling area. The community will be situated on 13.5 acres at the northeast corner of East Butler Avenue and N. Fourth Street, three miles from downtown Flagstaff and Northern Arizona University.

August 16, 2022

Arizona Industrial Loans Western

Gantry Secures $20M Refinancing for Flex Industrial Building in Central Phoenix

by Amy Works August 15, 2022

PHOENIX — Gantry has secured a $20 million permanent loan to refinance a flex industrial building in Central Phoenix. Tim Storey of Gantry arranged the financing on behalf of the borrower, a private investor. The 10-year, fixed-rate loan features interest-only payment terms. One of Gantry’s institutional debt fund lenders provided the loan. A single credit tenant occupies the 100,000-square-foot property, which is customized for use in human and pet pharmaceutical product manufacturing and distribution, on a long-term lease.

August 15, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $9M Sale of Village 28 Apartment Community in Phoenix

by Amy Works August 15, 2022

PHOENIX — ABI Multifamily has arranged the sale of Village 28, a multifamily property located at 4750 N. 28th St. in Phoenix. A Washington-based seller sold the asset to a Washington-based buyer for $9 million, or $361,000 per unit. Built in 1969 and renovated in 2018, Village 28 consists of 25 garden-style, two-bedroom/one-bath units with private patios and in-unit washers/dryers. John Klocek, Patrick Burch, Mitchell Drake, Carson Griesemer and Dallin Hammond of ABI Multifamily represented both parties in the transaction.

August 15, 2022

Newer Posts

Older Posts