Arizona

Cabana-Bullard
ArizonaFinanceNewsWestern

BWE Arranges ReFi for Greenlight Communities’ Phoenix Asset

by Lynn Peisner

GOODYEAR, ARIZ. — BWE has arranged a $31.3 million loan for Greenlight Communities, which will use the funds to refinance existing construction and development debt for Cabana Bullard in Goodyear about 20 miles west of Phoenix. Based out of the BWE Phoenix office, Charlie Williams, executive vice president, and Matt Terpstra, vice president, arranged the three-year loan through a national life company lender. Cabana Bullard was developed in 2023. It includes 336 units offered as studios or as one- or two-bedroom floor plans.

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Oaktree-Portfolio_alcove-orlando
ArizonaFinanceFloridaNewsSoutheastWestern

JLL Capital Markets Arranges $255.3 Million ReFi for TruAmerica, Oaktree Capital Management

by Lynn Peisner

LOS ANGELES — TruAmerica Multifamily and Oaktree Capital Management, both based in Los Angeles, have secured a loan for approximately $255.3 million to refinance four properties. JLL Capital Market’s debt advisory team represented the borrower and was led by President Kevin Mackenzie and Managing Directors Annie Rice and Brandon Smith. The JLL team arranged a five-year, floating-rate loan through a national bank. The portfolio includes three Florida properties: Arbors at Carrollwood in Tampa and Audubon Park and Alcove Orlando in Orlando. In Arizona, the portfolio features Luxe Scottsdale. The properties …

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The-Cleveland
ArizonaBuild-to-RentDevelopmentNewsWestern

Porter Kyle Opens Metro Phoenix BTR Project

by Lynn Peisner

GOODYEAR, ARIZ. — Scottsdale, Arizona-based builder and developer Porter Kyle has completed development of The Cleveland, a build-to-rent (BTR) asset in Goodyear, which is in Phoenix’s West Valley. The 100-unit, townhome style property is Porter Kyle’s eighth BTR townhome community. Porter Kyle also is developing The Wayne, another BTR property, in Chandler, Arizona. The developer broke ground on that project in March. The Cleveland offers a resort-style pool, a fitness center, electric-vehicle charging stations in residents’ own garages, a playground, a walking and biking path, outdoor kitchen and barbecue area, …

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Heritage-Park-NOVEL
ArizonaDevelopmentNewsWestern

Creation, Crescent Break Ground on 10-Acre Mixed Use Heritage Park in Gilbert, Arizona

by Lynn Peisner

GILBERT, ARIZ. — Co-developers Creation and Crescent Communities have broken ground on Heritage Park, a 10-acre mixed-use development in Gilbert. The site is at the northern end of Gilbert’s Heritage District, a walkable downtown area that has been in various stages of development and redevelopment since 1989. Heritage Park will be a mix of restaurants, retail, multifamily and a town square. It will take up one city block at the intersection of Gilbert Road and Juniper Avenue. The initial phase includes approximately 47,000 square feet of retail and restaurants; NOVEL …

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Zaterra
ArizonaInvestment SalesNewsWestern

IPA Arranges $137.5 Million Metro Phoenix Sale

by Lynn Peisner

CHANDLER, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Zaterra, a 392-unit property in Chandler. The asset traded for $137.5 million, or $350,765 per unit. Completed in 2023 on 22 acres, Zaterra is a two- and three-story, garden-style property with an average unit size of 1,043 square feet. Amenities include two pools, a suite with a large conference room and individual workspaces, 24-hour fitness center and a yoga lawn. The sellers were entities doing business as PB Bell and PCCP, LLC. The buyer was not identified.

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The Switchyard
ArizonaDevelopmentNewsWestern

Creation Breaks Ground on $120 Million Mixed-Use Project Near Phoenix

by Channing Hamilton

QUEEN CREEK, ARIZ. — Creation, in partnership with Horizon Real Estate Ltd., has broken ground on The Switchyard, a $120 million mixed-use project in Queen Creek, about 40 miles southeast of Phoenix. The 10-acre project will feature 54,000 square feet of restaurant, retail and office space, as well as a 215-unit apartment community. The development will feature a Postino restaurant and wine café. The restaurant mix will also include Snooze, an A.M. Eatery, a breakfast and brunch restaurant founded in Denver, and a location of modern burger chain Shake Shack. …

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Ocotillo Bay
ArizonaInvestment SalesNewsWestern

TGM Buys 296-Unit Community in Chandler, Arizona, for $90.5 Million

by Channing Hamilton

CHANDLER, ARIZ. — New York-based TGM has acquired Ocotillo Bay, a 296-unit community in Chandler, roughly 25 miles southeast of Phoenix. An undisclosed national fund manager sold the asset for $90.5 million.  Built in 1997, Ocotillo Bay offers features two pool areas with cabanas and barbecues; an outdoor lounge area with a bocce ball court, fireplace, barbecue and covered seating area; resident clubhouse with business center and TV seating area; and fitness center with weight training and cardio equipment, as well as a separate yoga/spin room. Asher Gunter, Matt Pesch, Sean …

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The Gilmore
ArizonaDevelopmentNewsWestern

Thompson Thrift Breaks Ground on $225 Million Mixed-Use Project in Gilbert, Arizona

by Channing Hamilton

GILBERT, ARIZ. — Thompson Thrift has broken ground on The Gilmore, a $225 million mixed-use project located roughly 23 miles east of downtown Phoenix in Gilbert. The Gilmore will consist of 300 apartment homes, a hotel and approximately 200,000 square feet of grocery, restaurant and retail space. The 35-acre development will feature a main street-style entrance with covered walkways, common areas, murals by local artists and landscaped outdoor gathering spaces. Retailers are expected to begin opening in late 2026, while the first resident move-ins are planned for early 2027.

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Azul
ArizonaInvestment SalesNewsWestern

Living Well Homes Sells Azul in Phoenix for $37.1 Million

by Channing Hamilton

PHOENIX — Living Well Homes has completed the disposition of Azul, a 227-unit community in Phoenix, to a private buyer for $37.1 million. Completed in 1986, Azul offers studio, one- and two-bedroom apartments with an average size of 766 square feet. A majority of units feature washers and dryers. The two-story, garden-style community features two pools and a spa. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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Monte Vista
ArizonaInvestment SalesNewsWestern

IPA Brokers $25.5 Million Sale of Community in Glendale, Arizona

by Channing Hamilton

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Monte Vista, a 208-unit community in Glendale. The property traded hands for $25.5 million. Built in 1985, Monte Vista offers a pool, laundry facility and covered parking. Each apartment features washer and dryer connections, dishwashers and walk-in closets. The average unit size is 787 square feet. Cliff David, Steve Gebing of IPA and Darrell Moffitt of Marcus & Millichap represented the private seller and procured the buyer, a workforce and affordable housing fund. 

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