Arizona

Bridge Investment Group Divests of 288-Unit Equestrian in Tucson, Arizona

by Channing Hamilton July 24, 2024

TUCSON, ARIZ. — Bridge Investment Group has divested of Equestrian, a 288-unit property in Tucson. Investors Capital Group acquired the asset for an undisclosed price. Equestrian was built in 2008. The property offers amenities such as a business center, pool, clubhouse, fitness center, covered parking and 70 private detached garages. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 24, 2024

Arizona Investment Sales News Western

Institutional Property Advisors Brokers $76.5 Million Sale of Glen 91 in Phoenix Suburb

by Channing Hamilton July 22, 2024

GLENDALE, ARIZ. — Institutional Property Advisors has arranged the sale of Glen 91, a 296-unit community in the Phoenix suburb of Glendale. HCW sold the property to Bridge Investment Group for $76.5 million. Steve Gebing and Cliff David represented the seller and procured the buyer in the transaction. Glen 91 was built in 2023. Units average 871 square feet in size and feature full-size washers and dryers, nine-foot ceilings and walk-in closets with built-in shelving. Community amenities include a pool, hammock garden, covered parking and attached garages.

July 22, 2024

Arizona Development Finance News Western

Tower Capital Arranges $51.5 Million Construction Financing for 190-Unit BTR Community in Metro Phoenix

by Channing Hamilton July 18, 2024

WEST VALLEY, ARIZ. — Tower Capital has negotiated $51.5 million in non-recourse construction financing for the development of Skyview by Zen, a 190-unit build-to-rent (BTR) community in West Valley, 50 miles west of downtown Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on behalf of Zen and 10Y. The sponsor acquired the development site at 2627 N. 83rd Ave. in 2023. Once completed, Skyview by Zen will offer townhomes in two- and three-bedroom layouts. Construction is underway, with the first units slated to deliver in October …

July 18, 2024

Arizona Build-to-Rent Development News Western

Trilogy Investment Co., Cimbra Partners Break Ground on 84-Unit Build-to-Rent Project in Avondale, Arizona

by Channing Hamilton June 25, 2024

AVONDALE, ARIZ. — Trilogy Investment Co. and Cimbra Partners LLC have commenced site development at Rêve at Encanto West, a build-to-rent project comprising 84 townhomes in the Phoenix suburb of Avondale. Residences will come in three-bedroom layouts and feature two and half bathrooms, flexible space for a bedroom or office, stainless steel appliances, granite countertops and garages. Amenities will include a clubhouse with grilling stations and a pool.

June 25, 2024

Arizona Development Finance News Western

JLL Capital Markets Arranges $120 Million Construction Financing for Ray Phoenix in Phoenix

by Channing Hamilton June 21, 2024

PHOENIX — JLL Capital Markets has arranged $120 million in construction financing for Ray Phoenix, a 26-story building in downtown Phoenix. JLL worked on behalf of the borrowers, Ray and VeLa Development Partners, to secure the loan through an affiliate of RXR Realty Investments LLC. Michael Gigliotti, Brad Miner, Elle Miraglia and Frank Choumas led the JLL Capital Markets Debt Advisory team. Ray Phoenix will offer 401 units in studio, one- and two-bedroom floor plans. The community will also feature 20,000 square feet of amenity space, including a fitness center, yoga …

June 21, 2024

Arizona Finance News Western

Tower Capital Brokers $23.1 Million Refinancing for North Mountain Foothills in Phoenix

by Channing Hamilton June 14, 2024

PHOENIX — Tower Capital has arranged $23.1 million in permanent financing for the refinance of North Mountain Foothills, a 194-unit community in Phoenix. The borrower was an undisclosed repeat client of Tower Capital. North Mountain Foothills is situated at 1943 W. Aster Dr. The property was converted from a condominium after the borrower began purchasing the units between 2010 and 2012. The borrower has since renovated the interior and exterior of the property, along with significant mechanical, electrical and plumbing upgrades.

June 14, 2024

Arizona Investment Sales News Western

Institutional Property Advisors Brokers $64 Million Sale of The Livano Deer Valley in Phoenix

by Channing Hamilton June 13, 2024

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Livano Deer Valley, 242-unit community in Phoenix. The Praedium Group acquired the property from LIV Development for $64 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. The Livano Deer Valley was completed in 2023. Amenities include a clubhouse, centralized courtyard with a pool and spa with sundeck. Units feature nine-foot ceilings, stainless-steel appliances, walk-in closets and full-size washers and dryers. The average unit size is 821 …

June 13, 2024

Arizona Finance Investment Sales News Western

Institutional Property Advisors Arranges Sale of 164-Unit The Plaza Taos in Chandler, Arizona

by Channing Hamilton May 29, 2024

CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale and financing of The Plaza Taos, a 164-unit community in the Phoenix suburb of Chandler. The buyer and seller were not disclosed. The Plaza Taos was built in 2023 on nine acres. Apartments come in one-, two- and three-bedroom floor plans. Amenities include a pool and spa, pet park, indoor dog spa and outdoor kitchen with gas grills.

May 29, 2024

Arizona Finance Investment Sales News Western

Institutional Property Advisors Brokers Sale of 72-Unit Citra in Phoenix

by Channing Hamilton May 2, 2024

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Citra, a 72-unit property in Phoenix. Apartment Ventures acquired the community from Investors Capital Group. Citra was built in 2005 and offers two-bedroom apartments. The average unit size is 1,068 square feet. Amenities include covered parking, a fitness center and a pool with a spa. IPA’s Steve Gebing and Cliff David, in conjunction with Paul Bay, Darrell Moffitt and Adam Saylor of Marcus & Millichap, represented the seller and procured the …

May 2, 2024

Arizona Investment Sales News Western

IPA Brokers $69 Million Sale of Hangar at Thunderbird in Glendale, Arizona

by Channing Hamilton April 23, 2024

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of and financing for Hangar at Thunderbird, a 266-unit community in Glendale. Decron Properties purchased the asset from P.B. Bell for $69 million. Hangar at Thunderbird was completed in 2023. Community amenities include a pool, spa, outdoor game patio and community playground with evening lighting. Apartments feature nine-foot ceilings, vinyl plank flooring, laundry closets with full-size washers and dryers, closets with build-in shelving, and patios or balconies with exterior storage. Steve Gebing and Cliff …

April 23, 2024

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