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Azola Desert Ridge
ArizonaDevelopmentFinanceNewsWestern

ZOM Living Secures $88 Million in Financing for Project in Phoenix

by Channing Hamilton

PHOENIX — ZOM Living has secured financing for the development of Azola Desert Ridge, a 416-unit community in Phoenix. The funding includes $88 million in construction financing, as well as a joint venture equity investment from Origin Investments. Azola Desert Ridge will offer 416 units across multiple four-story buildings. The garden-style community will feature one-, two- and three-bedroom apartments ranging from 730 to 1,533 square feet. Amenities include a pool and deck, fitness center, dog park, pet grooming salon, glam room, podcast room, individual offices for residents and a self-service market …

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Venture on Colter in Phoenix
ArizonaInvestment SalesNewsWestern

Neighborhood Ventures Acquires 123-Unit Property in Phoenix

by Channing Hamilton

PHOENIX — Neighborhood Ventures (NV), a real estate crowdfunding company based in Phoenix, has purchased Venture on Colter, a 123-unit property in Phoenix. NV purchased the asset directly from an undisclosed lender for $13 million, a 20 percent discount from the community’s value in 2022. The company has raised $4.5 million from 95 investors for the property. NV estimates that, after implementing new property management and leasing strategies, Venture on Colter will be fully occupied within the next six months.

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ArizonaDevelopmentNewsWestern

Thompson Thrift Opens 308-Unit Community Near Phoenix

by Channing Hamilton

SAN TAN VALLEY, ARIZ. — Thompson Thrift has opened Stella, a 308-unit community located roughly 48 miles southeast of downtown Phoenix in San Tan Valley. The property will consist of 12 two- and three-story buildings on a 20-acre site. Units will come in one-, two- and three-bedroom floor plans. Amenities include a pool, outdoor pavilion, pickleball courts, two dog parks, gardens and Wi-Fi connectivity. The first move-ins began in winter 2024. The project is slated for full completion by the end of this summer. 

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Town Deer Valley Apartments in Phoenix
ArizonaInvestment SalesNewsWestern

Goodman Real Estate Acquires Phoenix Asset for $131.1 Million

by Channing Hamilton

PHOENIX — Goodman Real Estate has purchased Town Deer Valley Apartments, a 388-unit property located in Phoenix, for $131.1 million. Residents have access to shared amenities such as multiple pools and fitness facilities. Town Deer Valley was built in 2022, according to Apartments.com. Units come in one-, two- and three-bedroom floor plans. The seller was not disclosed. Institutional Property Advisors’ Phoenix office brokered the deal. Walker & Dunlop arranged financing for the project.

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Unnamed NexMetro property
ArizonaFinanceNewsWestern

NexMetro Secures $271.9 Million Recapitalization of BTR Portfolio Across Three States

by Channing Hamilton

PHOENIX — NexMetro Communities, the Phoenix-based BTR developer behind the Avilla Homes brand, has secured $271.9 million for the recapitalization of a portfolio of eight build-to-rent (BTR) properties located in Arizona, Colorado and Texas. Stockbridge invested $65.9 million of preferred equity, along with $206 million of existing assumable agency financing. The portfolio comprises 1,061 mostly detached, single-story BTR units. All of the properties were built between 2018 and 2019. The combined portfolio was valued at $620 million, with $145 million of equity committed and $366 million of senior debt. The eight properties included …

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Town Deer Valley in Phoenix
ArizonaInvestment SalesNewsWestern

Goodman Real Estate Purchases Community in Phoenix for $131 Million

by Channing Hamilton

PHOENIX — Goodman Real Estate has acquired Town Deer Valley, a 388-unit community in Phoenix, for $131.1 million. Built in 2024 on 18 acres, Town Deer Valley offers amenities such as a 5,900-square-foot clubhouse with arts and crafts room, poker room and sundry shop. Residents also have access to a 3,800-square-foot fitness center and a pool. The average unit size is 1,004 square feet. The seller was a joint venture between The Related Group and Rockpoint. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & …

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ArizonaInvestment SalesNewsWestern

Goodegg Investments Purchases 71-Unit Asset in Phoenix

by Channing Hamilton

PHOENIX, ARIZ. — Goodegg Investments has purchased North Edge Apartments, a 71-unit community in Phoenix, for an undisclosed price. According to Apartments.com, the property was completed in 1979 and consists entirely of one-bedroom units. Most of the apartments, as well as common areas, were renovated within the last 2 years. North Edge Apartments is the 38th multifamily community that Goodegg Investments has acquired since the company’s inception in 2018. The San Francisco, California-based firm now owns approximately 9,000 apartments, with roughly 4,500 currently under management.

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Table Rock in Flagstaff, Arizona
ArizonaInvestment SalesNewsWestern

Investors Capital Group Buys Table Rock in Flagstaff, Arizona, for $25.9 Million

by Channing Hamilton

FLAGSTAFF, ARIZ. — Investors Capital Group has purchased Table Rock, a 100-unit property in Flagstaff, from Aultas for $25.9 million. Built in 1998, Table Rock is a garden-style community that offers two- and three-bedroom floor plans. The average unit size is 1,032 square feet. Amenities include a clubhouse and fitness center. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.

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Marquis at Desert Ridge in Phoenix
ArizonaInvestment SalesNewsWestern

IMT Capital Acquires 370-Unit Marquis at Desert Ridge in Phoenix

by Channing Hamilton

PHOENIX — IMT Capital, together with its affiliated property management company IMT Residential, has acquired Marquis at Desert Ridge, a 370-unit property in the Desert Ridge neighborhood of Phoenix. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller, a national investor and operator, in the deal. Built in 2014, Marquis at Desert Ridge offers one- and two-bedroom units. Amenities include a pool and spa area with a sundeck lounge and cabanas, outdoor kitchen and grill stations, fitness center, clubhouse with entertainment kitchen, billiard room and business center. The new …

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