Arizona

Ogden Capital Sells Paradise Palms Multifamily Community in Phoenix for $36.5M

by Amy Works August 11, 2022

PHOENIX — Ogden Capital Partners has completed the disposition of Paradise Palms, a value-add apartment property located in Phoenix’s Biltmore/Uptown submarket. An undisclosed buyer acquired the asset for $36.5 million. Chris Canter, Brett Polachek and Brad Goff of Newmark represented the seller in the deal. Constructed in 1959, Paradise Palms features 130 garden-style apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include onsite maintenance and property management, two resort-style pools, a pet play area, storage space, grills and a picnic area. Ralph Haver designed the property, which is located at 1517 E. Colter St.

August 11, 2022

Acquisitions Arizona Multifamily Western

Avanti Residential, KKR Sell Two-Property Multifamily Portfolio in Tempe, Arizona for $111.7M

by Amy Works August 9, 2022

TEMPE, ARIZ. — A joint venture between Avanti Residential and KKR Real Estate has completed the disposition of a two-property multifamily portfolio in Tempe. Denver-based Jason McCool acquired the assets for $111.7 million. The 369-unit portfolio includes Omnia on 8th, a 188-unit property, and Omnia McClintock, a 181-unit property. The communities were constructed between 1971 and 1984 and feature a mix of studio, one- and two-bedroom units. Brad Goff, Brett Polachek and Chris Canter of Newmark represented the seller in the transaction.

August 9, 2022

Acquisitions Arizona Loans Multifamily Western

Northmarq Brokers $63.1M Sale of The Residences of Central Phoenix Multifamily Property

by Amy Works August 9, 2022

PHOENIX — Northmarq has brokered the sale of The Residences of Central Phoenix, a 265-unit, garden-style community located at 2020 W. Glendale Ave. in Phoenix. Scottsdale-based Renue Properties sold the property to Newport Beach, Calif.-based InTrust Property Partners for $63.1 million. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Joe Giordani of Northmarq’s Newport Beach debt/equity team arranged financing for the acquisition with a $50.8 million bridge loan. Built in 1973, The Residences of Central Phoenix includes 27 two-story buildings with one-, two- and three-bedroom units ranging in size from 650 square feet to 1,150 square feet. Situated on 13 acres, the 242,825-square-foot community features a clubhouse, pool, hot tub, on-site laundry facilities, basketball court and children’s playground. At the time of sale, the property was 98 percent leased. Renue Properties recently invested $1.7 million into deferred maintenance and property enhancements at the property, including HVAC units, new roofs, windows, electrical panels and exterior paint.

August 9, 2022

Arizona Development Industrial Western

VanTrust Real Estate Breaks Ground on 181,000 SF Spec Industrial Project in Southwest Phoenix

by Amy Works August 9, 2022

PHOENIX — VanTrust Real Estate has broken ground on VT 202, a speculative two-building industrial project in Phoenix. The infill development will offer 181,000 square feet of Class A industrial space on 12 acres along 59th Avenue. Totaling 104,687 square feet, Building A will feature 32-foot clear heights, 30 dock-high doors and two grade-level doors. The 76,319-square-foot Building B will have comparable amenities and features. Completion of VT 202 is slated for February 2023. The project team includes Butler Design Group and Wespac Construction. Colliers International Arizona is handling leasing for the development.

August 9, 2022

Acquisitions Arizona Loans Retail Western

Gantry Secures $13M in Financing for Acquisition of Retail Parcel in Glendale, Arizona

by Amy Works August 8, 2022

GLENDALE, ARIZ. — Gantry has secured $13 million of permanent financing for the acquisition of a 11.57-acre parcel at Arrowhead Marketplace in Glendale. Tim Storey of Gantry’s Phoenix office secured the 10-year, fixed-rate loan featuring a 25-year amortization for the borrower, Arizona Partners, through a correspondent life company lender. Office Depot, Dollar Tree, Boot Barn, Party City and Salt Creek Home Furnishings are tenants at the 128,500-square-foot retail center.

August 8, 2022

Acquisitions Arizona Multifamily Western

IPA Arranges $38.5M Sale of Metro Tucson Apartment Community in Arizona

by Amy Works August 4, 2022

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale Metro Tucson, a multifamily property in Tucson. Vertical Street Ventures acquired the community for $38.5 million, or $165,948 per unit. Constructed in 1984, Metro Tucson offers 232 apartments spread across nine garden-style residential buildings, a swimming pool, laundry facilities and pet areas. Apartment amenities include wood-style vinyl plank flooring, dishwashers and private patios or balconies. Select units, approximately 22, have been upgraded with stainless steel appliances, carpeting in living spaces and bedrooms, and kitchen cabinetry with brushed nickel hardware. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller, a private owner, and procured the buyer in the deal.

August 4, 2022

Acquisitions Arizona Multifamily Western

IPA Arranges $38.5M Sale of Metro Tucson Apartment Community in Arizona

by Amy Works August 4, 2022

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale Metro Tucson, a multifamily property located in Tucson. Vertical Street Ventures acquired the community for $38.5 million, or $165,948 per unit. Constructed in 1984, Metro Tucson offers 232 apartments spread across nine garden-style residential buildings, a swimming pool, laundry facilities and pet areas. Apartment amenities include wood-style vinyl plank flooring, dishwashers and private patios or balconies. Select units, approximately 22, have been upgraded with stainless steel appliances, carpeting in living spaces and bedrooms and kitchen cabinetry with brushed nickel hardware. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller, a private party, and procured the buyer in the deal.

August 4, 2022

Office-Bldg-Camelback-Corridor-Phoenix-AZ

Acquisitions Arizona Office Western

Holualoa Cos., LaPour Partners Divest of 115,000 SF Office Building in Phoenix

by Amy Works August 3, 2022

PHOENIX — Holualoa Cos. and LaPour Partners have completed the disposition of a Class A office building in Phoenix’s Camelback Corridor. Oklahoma City-based Humphreys Capital bought the asset for $66.3 million, or $573 per square foot. The four-story, 115,000-square-foot building was 95 percent leased upon sale. The sellers acquired the site, which included seven existing two-story office buildings, in 2016. The existing structures were demolished and a LEED-certified building with a 326-space underground parking garage was developed on the site in 2018. Steve Lindley, Eric Wichterman, Alexandra Loye and Mike Coover of Cushman & Wakefield represented the seller in the transaction. The team also worked with Jerry Roberts and Pat Boyle of Cushman & Wakefield for office leasing advisory and Beth Lambert of Cushman & Wakefield for debt and equity finance.

August 3, 2022

Acquisitions Arizona Multifamily Seniors Housing Western

CBRE Negotiates Sale of 170-Unit Andara Senior Living in Scottsdale, Arizona

by Amy Works August 3, 2022

SCOTTSDALE, ARIZ. — CBRE National Senior Housing has arranged the sale of and acquisition financing for Andara Senior Living, a 170-unit luxury seniors housing community in Scottsdale. Built in 2010, the community is located in an affluent pocket of Scottsdale and nestled in the foothills of the McDowell Mountains. The campus features two three-story residential wings interconnected by a covered walkway. The community offers independent living and assisted living services. Reliant Group sold the property to a joint venture between Colonial Oaks Senior Living and Fortress Investment Group. Although the price wasn’t disclosed, CBRE provided a $37 million fixed-rate Freddie Mac acquisition loan in connection with the sale. This transaction represents CBRE’s third financing of the community after previously arranging acquisition financing on behalf of the seller in 2012 and an agency refinancing in 2018. The CBRE investment sales team consisting of John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented the seller, while the CBRE debt and structured finance team consisting of Aron Will, Austin Sacco and Adam Mincberg arranged the financing.

August 3, 2022

Acquisitions Arizona Multifamily Seniors Housing Western

CBRE Negotiates Sale of 170-Unit Andara Senior Living in Scottsdale, Arizona

by Amy Works August 3, 2022

August 3, 2022

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