Arizona

Institutional Property Advisors Arranges $56 Million Sale of Build-to-Rent Asset Near Phoenix

by Channing Hamilton December 18, 2024

APACHE JUNCTION, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hampton Meridian, a build-to-rent community in Apache Junction, 35 miles east of Phoenix. The asset traded hands for $56.5 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Neither party’s identity was disclosed. Built in 2023, Hampton Meridian consists of 195 residences across 16 acres. The average unit size is 1,009 square feet. Residents have access to amenities such as a pool, …

December 18, 2024

Arizona Development News Western

Thompson Thrift Opens 252-Unit The Maddox in Phoenix Suburb

by Channing Hamilton November 22, 2024

BUCKEYE, ARIZ. — Thompson Thrift has opened The Maddox, a 252-unit community located at 23683 W Yuma Road in Buckeye, roughly 40 miles west of Phoenix. The garden-style asset consists of seven buildings that each rise three stories, as well as 80 detached garages. Units come in one-, two- and three-bedroom layouts and average about 1,000 square feet. Community amenities include a clubhouse, heated pool, fitness center, Amazon package hub, outdoor game area, grilling stations, courtyards, firepits with seating area, a dog park, pet spa with grooming station and a …

November 22, 2024

Affordable Housing Arizona California Colorado Investment Sales New York News Northeast Texas Western

Standard Communities Purchases $1 Billion Affordable Housing Portfolio Across Four States

by Channing Hamilton November 7, 2024

LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing communities totaling roughly 6,000 units for $1 billion. The portfolio consists of traditional multifamily and seniors housing assets in Texas, Arizona, Colorado and California. The undisclosed seller developed many of the properties in roughly 2002. Standard states that it will invest more than $30 million in capital improvements and deferred maintenance across the portfolio. According to the company, no tenants will be displaced during renovations. Standard says negotiations with multiple government agencies, including HUD, Fannie Mae, Freddie …

November 7, 2024

Arizona Finance News Western

Greystone Arranges $14 Million Refinancing for Build-to-Rent Community in Tucson, Arizona

by Channing Hamilton October 29, 2024

TUCSON, ARIZ. — Greystone has arranged a $14 million debt placement for the refinancing of Linda Vista Luxury Rentals, a 64-unit build-to-rent community in Tucson. The property was recently completed in 2024 and is currently in lease-up. Amenities include a pool and spa. The financing was provided by an undisclosed lender and includes a 36-month term. Shana Daby and Rebecca Reich of Greystone sourced the transaction. Thomas Wayda and Dante DiStefano handled the debt placement.

October 29, 2024

Arizona Investment Sales News Western

Cushman & Wakefield | PICOR Brokers Sale of 41-Unit Sunnyslope Apartments in Tucson, Arizona

by Channing Hamilton September 25, 2024

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has negotiated the sale of Sunnyslope Apartments, a 41-unit property located at 150 E. Hardy Road in Tucson. The two-story asset was built in 1972 and offers amenities such as a laundry facility and a pool, according to Apartments.com. Urbana @ Oro Valley LLC acquired the community from Sunnyslope Apartments LLC for $5.6 million. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.

September 25, 2024

Arizona Investment Sales News Western

Institutional Property Advisors Arranges $28 Million Sale of Ponderosa Park in Flagstaff, Arizona

by Channing Hamilton September 20, 2024

FLAGSTAFF, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has arranged the sale of Ponderosa Park in Flagstaff. Bridge Partners acquired the 120-unit property from Keller Investment Properties for $28 million. Ponderosa Park was built in 1985. The property is located on five acres across the street from Buffalo Park, a 215-acre park with a two-mile hiking trail. The community offers amenities such as two laundry facilities, a clubhouse, fitness center and 24-hour emergency maintenance services. IPA’s Steve Gebing, Cliff David and Hamid Panahi …

September 20, 2024

Arizona Investment Sales News Western

Pacific Development Partners Divests of Vela on Camelback in Phoenix for $72 Million

by Channing Hamilton September 19, 2024

PHOENIX — Pacific Development Partners has completed the disposition of Vela on Camelback, a 237-unit community located in Phoenix’s Camelback Corridor neighborhood. Sherman Residential purchased the asset for $72 million. Vela on Camelback was built in 2017. The property offers 237 units. Amenities include a sky deck that overlooks the nearby Piestewa Peak and Camelback Mountain, pool and spa area with barbecue pavilion, fitness center, resident lounge with community kitchen, dog wash and fenced dog run, outdoor courtyards and package lockers. The transaction is Sherman Residential’s first acquisition in the Phoenix …

September 19, 2024

Arizona Investment Sales News Western

Institutional Property Advisors Brokers $187.5 Million Sale of Desert Club in Phoenix

by Channing Hamilton September 13, 2024

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Desert Club in Phoenix. Clarion Partners sold the property to Weidner Apartment Homes for $187.5 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Desert Club was built in 2004 on 21 acres. The garden-style community offers 497 units that average 983 square feet. Apartments feature open-concept floor plans, 9-foot ceilings and arched entryways. Community amenities include a pool and spa.

September 13, 2024

Arizona Investment Sales News Western

Cushman & Wakefield | PICOR Brokers Sale of 23-Unit Portfolio in Tucson, Arizona

by Channing Hamilton August 21, 2024

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 23-unit portfolio in Tucson. Plowden/Martin Properties LLC purchased the assets from Welsey James Krajicek Family Revocable Trust for $2.1 million. The portfolio consists of Pima Apartments at 4238-4246 E. Pima St. and Lee Apartments at 4223-4245 E. Lee St. Allan Mendelsberg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.

August 21, 2024

Arizona Development Leasing & Marketing News Western

CIM Group Opens 23-Unit Property in Los Angeles

by Channing Hamilton August 7, 2024

LOS ANGELES — CIM Group has opened a six-story, 23-unit building located at 2599 Alsace Ave. in the West Adams neighborhood of Los Angeles. The community offers one- and two-bedroom units with wood-style flooring, stone counters, stainless steel appliances and in-unit washers and dryers. Select apartments offer walk-in closets and balconies. Amenities include package lockers, bike racks and storage, controlled access through a video intercom system and a 1,300-square-foot high end lounge on the ground floor.

August 7, 2024

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