Arizona

Summers-Point-Glendale

GLENDALE, ARIZ. — Wealhouse Capital Management has sold Summers Point in Glendale for $20 million. JLL represented Wealhouse and arranged acquisition financing in the transaction. The identity of the buyer was not disclosed. Summers Point was built in 1980 and features 16 buildings across 4.3 acres with a unit mix that includes studios, one- and two-bedroom apartments averaging 572 square feet. The former owner renovated 98 of the 164 units, leaving value-add potential for future renovations on the remaining 66 units. Renovated units feature white shaker cabinetry with brushed nickel …

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Solana-Place-at-Carlton-Commons-Casa-Grande

CASA GRANDE — D.R. Horton has sold Solana at Carlton Commons to CALCAP Advisors for $30 million. Northmarq’s Phoenix multifamily investment sales team arranged the sale of the 113-unit build-to-rent property, while Northmarq’s debt and equity team arranged a $21.8 million Fannie Mae acquisition loan for CALCAP. Completed in 2023, Solana at Carlton Commons is in Casa Grande, a city about 50 miles south of Phoenix and approximately 70 miles north of Tucson. The community features three- and four-bedroom units averaging 1,381 square feet. Each residence includes stainless steel appliances, …

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Scottsdale-on-Main

SCOTTSDALE, ARIZ. — Baron Properties has sold Scottsdale on Main to Goodman Real Estate for $66.1 million. Institutional Property Advisors’ Steve Gebing and Cliff David represented the seller and procured the buyer. The 119-unit mid-rise property was developed in 2024. Amenities include a resort-style pool and a rooftop deck with a covered outdoor kitchen and lounge. Apartments have 10-to-12-foot ceilings, wine refrigerators, oversized pantries and walk-in showers. The average unit size is 872 square feet.

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Neil-Hanlon

PHOENIX — Woodfield Development has appointed Neil Hanlon as vice president of development. He will lead the firm’s expansion into Arizona and Nevada, namely into the Phoenix and Las Vegas metro areas. In this role, Hanlon will be responsible for sourcing new business opportunities and overseeing all phases of the development process. Hanlon comes to Woodfield from Greystar, where he was director of development in Phoenix, leading multifamily development projects throughout the Southwest and Mountain West markets. Raleigh, North Carolina-based Woodfield was founded in 2005.

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Agave-Ridge-PHX

PHOENIX — Chicago-based multifamily investment firm 29th Street Capital has acquired Urban 148 in Phoenix. The 148-unit property will be rebranded as Agave Ridge Apartments, and 29th Street Living will handle property management. According to Apartments.com, the community offers two- and three-bedroom floor plans at monthly asking rents ranging from $1,425 to $1,655 and such amenities as a pool, a playground, a courtyard and a dog park. The seller and sales price were not disclosed.

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Nines-at-Kierland-Scottsdale

SAN DIEGO — Sunroad Enterprises has sold a 15-property portfolio to Fairfield for $1.1 billion. Both firms are based in San Diego. The portfolio includes properties in six states: six in Arizona, one in Nevada, three in Colorado, two in North Carolina, two in South Carolina and one in Georgia. The deal took six years to put together. JLL, representing Sunroad, arranged the sale as well as a $415 million Freddie Mac loan for 10 of the assets and an additional $250 million in fixed-rate senior debt provided by KKR. …

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ALTA-EIGHTY-SEVEN-Gilbert

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

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

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

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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