GLENDALE, ARIZ. — Ready Capital has closed $29.4 million in financing for the acquisition and renovation of a 208-unit, Class B apartment property in Glendale. Upon acquisition, the undisclosed borrower will perform capital improvements to the unit interiors and property exteriors. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and a facility to provide future funding for capital expenditures.
PHOENIX — A joint venture between San Antonio, Texas-based USAA Real Estate and Tempe, Ariz.-based Metro Commercial Properties has completed the disposition of Norterra West Two, an office property located at 25800 N. Norterra Parkway in Phoenix. SCD Norterra II LLC, an entity controlled by Phoenix-based Silver Creek Development, acquired the property for an undisclosed price. The three-story suburban office building features 144,800 square feet of office space with approximately 50,000-square-foot floor plates, up to 15-foot slab-to-slab ceiling heights, dual restroom cores and triple redundant stairwells. Chris Toci and Chad Littell of Cushman & Wakefield represented the seller. Charles Essig of Silver Creek represented the buyer in the deal.
GLENDALE, ARIZ. — CA Industrial, in joint venture partnership with DWS/RREEF, has broken ground for the first phase of Luke Logistics Center at the northwest corner of Loop 303 and Glendale Avenue in Glendale. Situated on 90 acres, the four-building project features a total of 1.5 million square feet of industrial space. Each building will feature 32-foot to 40-foot clear heights, cross-dock and rear loading with 185-foot-deep gated truck courts, trailer storage, ample car parking, ESFR sprinkler systems and 60-foot speed bays. LGE Design Build is serving as the project’s designer and builder. John Lydon and Hagen Hyatt of JLL will handle leasing of the property.
GLENDALE, ARIZ. — Ready Capital has closed a $4.3 million bridge-to-Freddie Mac financing for the acquisition, renovation and stabilization of an apartment community in Glendale. Upon acquisition, the undisclosed sponsor will implement a capital expenditure plan for the property’s 42 units and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 24-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. Additionally, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL loan program.
TUCSON, ARIZ. — Bridge Investment Group has acquired Lakeside Casitas, a multifamily property in Tucson, from Monarch Investment and Management Group for $63.2 million, or $204,032 per unit. Built in 1983 on 21 acres, Lakeside Casitas features 310 apartments, a business center, pool, spa, koi pond and covered parking. Apartments offer open-concept living areas, washers, dryers, oversized walk-in closets and private patios. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented seller and procured the buyer in the deal.
PHOENIX — Jevan Capital has completed the disposition of The Halifax, an apartment community in Phoenix. Western Wealth Capital acquired the property for $76 million, or $253,333 per unit. Originally constructed in 1973, the 300-unit property underwent a large-scale reconstruction from 2018 to 2021, with apartments receiving luxury finishes, property systems being upgraded and community amenities added. The Halifax offers one-, two- and three-bedroom layouts with custom cabinetry, breakfast bars and wood-style plank flooring. Select units offer granite countertops, stainless steel appliances, kitchen pantries and walk-in closets. Community amenities include a centrally located and rebuilt swimming pool and spa, modernized leasing office, business center, fitness center, two laundry facilities, freshly installed dog park and covered parking. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
PHOENIX — ABI Multifamily has arranged the sale of Westover Parc Apartments, a multifamily property located at 6515 W. McDowell Road in Phoenix. The asset traded for $41.6 million, or $260,156 per unit. The names of the buyer and seller were not released. Built in 2002 on 16.1 acres, Westover Parc Apartments features 160 units in a mix of one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath floor plans. Apartments feature patios/balconies, ceiling fans, walk-in closets and full-size washers/dryers. Community amenities include a leasing office, swimming pool, fitness center, barbecue grills, picnic areas, a dog park, two gazebo areas, gated/controlled access, open/covered parking and garages. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the Massachusetts-based buyer and the California-based seller in the deal.
GILBERT, ARIZ. — Phoenix Commercial Advisors has negotiated the sale of Shops at Cooley Station, two hard-corner retail shop buildings located at 4049 E. Williams Field Road in Gilbert. The property traded for $10 million, or $628 per square foot. The names of the buyer and seller were not released. The 15,912-square-foot building was fully occupied at the time of sale. Current tenants include Pacific Dental, Wing Stop, F45, Little Caesars, Life Quest and My House. Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.
PHOENIX — Taylor Street Advisors has brokered the sale of Osborn 17, a multifamily property located in the midtown area of central Phoenix. The asset traded for $3.1 million, or $180,00 per unit. Located at 3358 N. 15th Ave., Osborn 17 features 17 apartments. The undisclosed buyer plans to completely renovate the units with all new kitchens, appliances, bath and flooring, as well as upgrading the exterior. Brian Tranetzki of Taylor Street handled the transaction.
PHOENIX — CBRE has arranged the sale of The Arcadian, a multifamily property in Phoenix’s Lower Arcadia submarket. A California investor acquired the asset from an undisclosed seller for $10 million. Located at 3101 N. 36th St., The Arcadia features 45 apartments in a mix of one- and two-bedroom layouts, a swimming pool, gazebo with picnic seating, barbecues, covered parking, rental office and laundry facility. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyer and seller in the deal.