PRESCOTT VALLEY, ARIZ. — Bellwether Enterprise Real Estate Capital (BWE) has provided a $75 million HUD loan for the construction of Legado Apartments, a multifamily property in downtown Prescott Valley. Jim Swanson of BWE’s Phoenix office originated the loan through HUD’s 221(d)(4) mortgage insurance program on behalf of the developer, Fain Signature Group. The non-recourse, fully assumable loan features a 40-year, fully amortizing term. The HUD-insured financing provides a combined construction and permanent loan for market-rate multifamily projects. The mid-rise apartment property will feature 329 units in a mix of one-, two- and three-bedroom layouts. Units will offer Energy Star appliances, washers/dryers, patio/balcony storage and scenic views. Community-wide amenities include electric vehicle charging stations, elevators serving all apartment floors and a parking garage. Common area amenities will include a community room/clubhouse with free Wi-Fi, poolside cabanas and spa, fitness center, a picnic area with barbecue grills, and recreation area with a dog run and dog washing station. As part of the mixed-use residential and commercial development project in the Prescott Valley Entertainment District, the property will have a rooftop restaurant open to the public and a variety of other foodservice outlets, including cafés, plus retail space on first and sixth …
GLENDALE, ARIZ. — American Landmark Apartments has purchased Cabana 99th, a multifamily community located at 10000 W. Missouri Ave. in Glendale. The buyer has renamed the 286-unit property as The Lotus. Built in 2022, The Lotus features studio, one- and two-bedroom floor plans ranging from 468 square feet to 828 square feet. Apartments offer dishwashers, full-size washers/dryers, large energy-efficient windows, stainless steel appliances, nine-foot ceiling heights, wood-style vinyl plank flooring and workstation desks in select units. Community amenities include a swimming pool, electric vehicle charging stations, a hammock garden, keyless entry locks, monthly resident events, a business center, multi-purpose lawn, outdoor fitness space, secured bike storage and outdoor barbecue area. Terms of the transaction were not released.
TEMPE, ARIZ. — CBRE has negotiated the sale of a freestanding warehouse property situated on 3.3 acres at 3001 S. Wilson St. in Tempe. Bio Huma Netics purchased the asset from Tempe-based Phoenix Plastics Products for $10.5 million. Built in 2004, the 40,182-square-foot building features 3,000 amps, 277/480-volt electrical service, 24-foot to 40-foot clear heights and Union Pacific rail service. Mike Parker of CBRE represented the buyer and seller in the deal.
GOODYEAR, ARIZ. — A joint venture between Clarius Partners and Walton Street Capital has completed the sale of Lakin Park Building 1A, a big-box distribution building on 45 acres in Goodyear. BentallGreenOak acquired the asset for $109.2 million. Located at 17315 W. MC 85, the 730,760-square-foot facility features 40-foot clear heights, a full HVAC warehouse, 70-foot speed bays, 200-foot concrete truck courts, r-38 roof insulation, ESFR sprinklers, multiple points of ingress and egress, 120 dock-high doors, 171 trailer parking stalls and 6,000 amps (expandable to 12,000 amps) of power. Delivered in first-quarter 2022, a single tenant fully occupies the property. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s national industrial advisory group represented the seller in the transaction. Mike Haenel and Andy Markham, also of Cushman & Wakefield, provided leasing advisory.
PHOENIX — VIVO Development Partners has purchased Camelwest Plaza, a two-building office asset in Phoenix. Hawaii-based BW Camelwest LLC sold the property for $14 million. Located at 1951 and 2011 W. Camelback Road, the four-story, multi-tenant office buildings offer a total of 175,308 square feet of office space. At the time of sale, the property was 71 percent leased to a mix of tenants across various industries, including financial, technology, insurance, marketing, medical, legal services and government. Geoffrey Turbow, Gary Cornish, Barry Gabel and Chris Marchildon of CBRE represented the seller in the deal.
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.
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.
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 …
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.
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.