Arizona

ALTA-EIGHTY-SEVEN-Gilbert
ArizonaDevelopmentNewsWestern

Wood Partners Opens Alta 87 in Metro Phoenix

by Lynn Peisner

GILBERT, ARIZ. — Wood Partners has opened Alta 87 in Gilbert, a southeastern suburb of Phoenix located about 23 miles from downtown. Alta 87 is a 257-unit development comprised of one-, two- and three-bedroom units. Amenities include two pickleball courts, electric vehicle charging stations, a pool and hot tub and a two-story clubhouse with a fitness center,  coworking spaces, a speakeasy and bike storage. The developer broke ground in March 2024. Atlanta-based Wood Partners completed three other Alta-branded communities in Phoenix in 2024: Alta Avondale, Alta Rise and Alta Uptown.

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Maryland-Greens
ArizonaInvestment SalesNewsWestern

JLL Arranges Two Metro Phoenix Trades

by Lynn Peisner

PHOENIX — JLL Capital Markets has arranged two sales in metro Phoenix totaling approximately $20.7 million. The transactions include the trades of Maryland Greens, a 78-unit community that Maryland Green Multifamily LLC sold to Neighborhood Ventures for $10.7 million, and The Rio, a 44-unit property in Mesa that Capital Allocation Partners sold to White Haven for $10 million. JLL represented both buyers and sellers in the deals. Maryland Greens, located at 749 East Maryland Ave., includes 78 one-bedroom units and was built in 1967. The Rio, located at 830 N. …

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Park-Tower
ArizonaInvestment SalesNewsWashingtonWestern

TruAmerica Acquires Park Tower in Metro Phoenix

by Lynn Peisner

CHANDLER ARIZ. — Los Angeles-based investment firm TruAmerica has acquired Park Tower in the Phoenix suburb of Chandler. The community is comprised of 180 garden-style units built in 1986 and 77 townhomes built in 2017. TruAmerica is planning to execute a value-add strategy with renovations and a rebranding, changing the name to Parklane Commons. Chris Canter, Brad Goff and Brett Polachek of Newmark along with Dan Cheyne of Berkadia brokered the off-market transaction, and Mitch Clarfield, Meghan Varga and Garrett Swanky of Newmark arranging the financing. The seller and sales …

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Circ-Tucson
ArizonaInvestment SalesNewsWestern

IPA Brokers Tucson Sale

by Lynn Peisner

TUCSON, ARIZ — Institutional Property Advisors (IPA) has arranged the sale of CIRC Tucson, a 368-unit property in the Casas Adobes neighborhood of Tucson. IPA’s Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David represented the seller and procured the buyer. Neither party was named. Completed in 1986 on 17 acres, CIRC Tucson is a gated, two-story, garden-style property with two pool areas, a fitness center, package lockers and electric vehicle charging stations.

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4909-W-Joshua-Rd-Chandler-AZ
ArizonaInvestment SalesNewsWestern

Colliers Arranges $109.5 Million Sale of Country Brook Apartments in Chandler, Arizona

by Lynn Peisner

CHANDLER, ARIZ. — Colliers has arranged the $109.5 million sale of Country Brook Apartments in the Phoenix suburb of Chandler. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers handled the sales transaction for the undisclosed seller and undisclosed buyer. Luke Donahue and Patrick O’Donnell of Colliers Mortgage coordinated acquisition financing. Located at 4909 W. Joshua Blvd., Country Brook Apartments offers 396 units, averaging 963 square feet, spread over 32 one- and two-story buildings. Amenities include three resort-style pools, two hot tubs, an outdoor kitchen with outdoor TVs, …

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ZMR Hanley Place
ArizonaFinanceFloridaGeorgiaNewsSoutheastWestern

ZMR Lands $230 Million Debt-Equity Refinancing

by Lynn Peisner

TAMPA, FLA. — ZMR Capital, a Tampa-based multifamily investment firm founded by Zamir Kazi, has secured $230 million to refinance a portfolio of 1,600 units across Florida, Georgia and Arizona. The financing includes equity from an institutional joint venture and a five-year, fixed-rate Fannie Mae loan. ZMR will complete gradual renovations to each property during its hold period. Henry Stimler and Ricky Warner of Newmark represented ZMR Capital in the transaction. The portfolio includes four properties in Tampa, one in Atlanta and one in Phoenix.

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Allasso-Ranch
Affordable HousingArizonaDevelopmentNewsWestern

Dominium Buys Land for LIHTC Development Near Phoenix

by Lynn Peisner

BUCKEYE, ARIZ. — Dominium has acquired land in Buckeye, about 35 miles west of Phoenix, to develop Sidney Village. The property will offer 200 income-restricted townhomes, though rent caps were not disclosed. Specifically, Sidney Village will feature 100 three-bedroom and 100 four-bedroom homes designed as a mix of one- and two-story detached, duplex-style residences. WD Construction is the contractor. Amenities will include a clubhouse with workspaces, a fitness center, a pool with a sun deck, a central laundry facility, carports, electric vehicle charging stations and a private school bus shelter. …

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SHEA
ArizonaDevelopmentNewsWestern

HSR to Break Ground on Scottsdale Project

by Lynn Peisner

SCOTTSDALE, ARIZ. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partner, MetLife Investment Management, will break ground in September on Shea Residences in Scottsdale. The project is slated for completion by the end of 2027. The architect is ESG Architects, and Brinkmann Constructors will serve as the general contractor. Shea Residences is a three-story, 189-unit development at 7000 E. Shea Blvd. Positioned on about 3 acres, the project will include studio, one- and two-bedroom units that will feature luxury finishes, such as quartz …

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Villas-de-la-Montana
ArizonaFinanceNewsWestern

GDL Secures $22.6 Million ReFi for Tucson Asset

by Lynn Peisner

TUCSON, ARIZ. — GDL Asset Management has secured a $22.6 million loan, arranged by JLL Capital Markets, to refinance existing debt on Villas de la Montana in Tucson. The 332-unit community was built in 1988 and features a mix of studios and one-, two- and three-bedroom floor plans. Since acquiring the asset in 2021, GDL has completed renovations across the property, including new cabinetry, plumbing fixtures, hardware, countertops and flooring in the units. The owner also has completed exterior upgrades to common and pool areas, landscaping, signage and parking lots. …

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Affordable HousingArizonaDevelopmentNewsWestern

Dominium Acquires Land for LIHTC Development in Metro Phoenix

by Lynn Peisner

SURPRISE, ARIZ. — Dominium has closed on land in Surprise, a Phoenix suburb about 22 miles northwest of downtown. The developer is planning to build Allasso Ranch on the site. The project will comprise 304 affordable homes supported by low-income housing tax credits. While specific area-median-income caps were not disclosed, the developer says a three-bedroom unit will rent for $1,597 per month, and a four-bedroom will rent for $1,770. According to RentCafe, average monthly asking rents for a three-bedroom in Surprise are about $2,054. Amenities will include a leasing center, …

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