MESA, ARIZ. – Fairfield Residential Company LLC has acquired the 676-unit Lakeview at Superstition Springs in Mesa for $66.6 million. The community is located at 1849 S. Power Road. Notable employers in the area include Banner Gateway Hospital, Banner Baywood Hospital, The Boeing Company’s Arizona headquarters and Apple’s future production facility. Grand Canyon University is also developing a 10,000-student campus five miles from the community. Lakeview was built in two phases in 1995 and 1998. Community amenities include four resort-style swimming pools, a resident clubhouse, a 24-hour fitness center, a basketball court, two playgrounds, resident business center, picnic areas and BBQ grills. It was 95 percent leased at the time of sale. The institutional seller was represented by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office.
Western
AURORA, COLO. — Aragon Holdings LLC has acquired the 482-unit Waterfield Court in Aurora for an undisclosed sum. The community is located at 3499 South Uravan Way, near the intersection of East Hampden Avenue and South Buckley Road. It is situated near the Denver Tech Center and Southeast Business Corridor, which contains more than 34 million square feet of office space. Waterfield was more than 97 percent occupied at the time of closing. Community amenities include two swimming pools, indoor spa, basketball court, clubhouse and a pet park. The unnamed seller was represented by HFF’s Jordan Robbins, Jeff Haag and Jared Buffington.
RICHMOND, CALIF. – Intercontinental Real Estate Corporation and TruAmerica Multifamily have purchased the 240-unit Summit at Hilltop in Richmond for $38.8 million. The community is located at 3600 Sierra Ridge Road. TruAmerica plans to enhance the common areas amenities and modernize the unit interiors. The property features seven-year Fannie Mae, fixed-rate financing with full term interest-only payments. Financing was arranged by CBRE’s Troy Tegler and Brian Eisendrath.
CHANDLER, ARIZ. – The 272-unit Ocotillo Springs in Chandler has received $22.8 million in acquisition financing. The community is located at 825 W. Queen Creek Road. The loan contains a seven-year term with three years of interest-only and a 30-year amortization schedule. Financing was arranged by Michael Elmoreand James DuMarsof NorthMarq Capital through the firm’s seller/servicer relationship with Freddie Mac.
DAVIS, CALIF. – A 4,022-square-foot property in Davis that is net leased to IHOP has sold to a partnership for $3.5 million. The building is located at 1745 Cowell Blvd. IHOP has about 13 years remaining on the lease. Steve Sauter of Marcus & Millichap’s Palo Alto office represented both the buyer and seller, an individual/personal trust, in this transaction.
IRVINE, CALIF. – A 38,540-square-foot office building in Irvine has sold to Premier Realty Holdings LP for $7.4 million. The building is located at 1400 Reynolds Ave. The buyer was represented by was represented by Ben Gott and John Pomerof Newmark Grubb Knight Frank.
SAN DIEGO – The 66-unit Mt. View Villas in the San Diego submarket of Santee has received a$5.1-million loan. The community is located at 8527 Graves Ave. It is currently master leased to a private college that uses it for student housing. The loan has a 15-year term with a 30-year amortization schedule. It was provided by a local credit union. The loan was arranged by David Smyle of Pacific Southwest Realty Services.
PHOENIX – A 25,456-square-foot industrial building in Phoenix has sold to William T White III Revocable Trust for $3 million. The building is located at 3880 E. Broadway Road. It is fully leased to Border Construction Specialties LLC. The buyer was represented by Nate Bubeck and Tom Gilmer of Lee & Associates. The seller, EERST Properties, was represented by Stein Koss and Tom Louer of the same firm.
DENVER – The 22-unit Admiral Apartments in Denver has sold to an unnamed buyer for $2.3 million. The community is located at 850 Cherry Street, near the University of Colorado. It was built in 1958. The buyer was represented by Kevin Calame and Matt Lewallen of the Calame Lewallen Team. The unnamed seller was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of the Johnson Ritter Team at Pinnacle Real Estate Advisors.
GILBERT, ARIZ. — ZK Grill has leased 2,347 square feet of space at Gilbert Crossing. The center is located at the northeast corner of Guadalupe and Gilbert roads. Other notable tenants include Power MMA & Fitness, Firestone, Meridan Bank and Tots Unlimited. This will be ZK Grill’s fourth location in the valley. ZK Grill was represented by Scott Ellsworth of SRS. The landlord, Tri Gate Capital, was represented by Cliff Johnson of Cassidy Turley.