Arizona

MG Properties Acquires NOVO Broadway Apartments in Tempe, Arizona, for $100.2 Million

by Channing Hamilton November 20, 2023

TEMPE, ARIZ. — MG Properties has purchased NOVO Broadway Apartments, a recently built apartment community in the eastern Phoenix suburb of Tempe, from Evergreen Devco Inc. for $100.2 million. The seller originally delivered the property as Parc Broadway in 2022. According to Apartments.com, NOVO Broadway Apartments totals 324 units in studio, one-, two- and three-bedroom floor plans. Units range in size from 632 to 1,262 square feet and feature stainless steel appliances, wood-style flooring, individual washers and dryers, and private balconies or patios. Amenities include a pool, fitness center, outdoor …

November 20, 2023

Affordable Housing Arizona Development News Western

Greenlight Communities Breaks Ground on 159-Unit Project in Phoenix

by Channing Hamilton November 13, 2023

PHOENIX — Greenlight Communities has broken ground on a 159-unit affordable housing community located at 33455 N. North Valley Parkway in Phoenix. The project will offer 59 studios, 66 one-bedroom units and 34 two-bedroom units. The property will feature three courtyards with various amenities. With the community situated between charter schools, Greenlight Communities plans to support the local education system by offering housing options to families seeking high-quality education for their children. The project is set to begin leasing in October 2024. Income restrictions were not disclosed.

November 13, 2023

Arizona Development News Western

Thompson Thrift to Develop 224-Unit Refinery at Pointe17 in Phoenix

by Channing Hamilton November 7, 2023

PHOENIX — Thompson Thrift plans to develop Refinery at Pointe17, a 224-unit community to be located near the $40 billion Taiwan Semiconductor Plant in northern Phoenix. Construction is set to begin this month, with completion slated for the second half of 2025. Refinery at Pointe17 will feature 224 one-, two- and three-bedroom apartments with an average size of 1,000 square feet. Amenities will include a pool, fitness center, yoga and spin studio, bike storage, community grilling areas, pickleball courts, business center, rooftop deck, event lounge, EV chargers, dog park and pet …

November 7, 2023

Arizona Development Finance Investment Sales Market Reports Western

Is Phoenix Overbuilt Or Underbuilt?

by Channing Hamilton November 6, 2023

There is one U.S. county that has largely outpaced all the rest before, during and after COVID-19. It’s Maricopa County, which includes the Phoenix metropolitan statistical area (MSA). The county was home to about 4.2 million residents in 2012. Today, that number stands at more than 5 million, per the U.S. Census Bureau. Prior to COVID-19, much of that migration was tied to job growth, notes Christian Garner, president and CEO of Avanti Residential. “Phoenix over the past 10 years has greatly diversified through industries like education, medical and technology,” …

November 6, 2023

Arizona Development Leasing & Marketing News Western

MEB Management Services Begins Leasing The Aster at Mountain Vista Near Phoenix

by Channing Hamilton October 24, 2023

MESA, ARIZ. — MEB Management Services has begun leasing The Aster at Mountain Vista in Mesa, just east of Phoenix. The Aster at Mountain Vista comprises seven residential buildings on 8.5 acres. The community features a mix of 80 one-, 66 two- and 10 three-bedroom units for a total of 156 apartments. Each unit comes with smart thermostats, internet connectivity and stainless steel appliances. Amenities include a pool and spa, green spaces, covered parking, a dog park and community clubhouse.

October 24, 2023

Arizona Build-to-Rent Development News Western

Mosaic Begins Demolition of Two-Acre Site for 40-Unit Build-to-Rent Community in Phoenix

by Channing Hamilton October 19, 2023

PHOENIX — Mosaic has begun demolishing a vacant commercial lot at 2920 N 56th Street in Phoenix to develop a new build-to-rent community called 56 at Arcadia. The developer, Hawkins Development, selected Mosaic as the general contractor for the project. Mosaic is overseeing all aspects of construction, including demolition, land development, and vertical construction. 56 at Arcadia will comprise 40 townhome units on a two-acre site. Units will come in two- and three-bedroom floor plans with garages and covered patios. The community will also include amenities such as a ramada …

October 19, 2023

Ironwood Homes at River Run in Avondale, Arizona

Arizona Build-to-Rent Development News Western

Mark Taylor Opens Ironwood Homes at River Run BTR Project in Avondale, Arizona

by Channing Hamilton October 10, 2023

AVONDALE, ARIZ. — Mark-Taylor Residential has opened Ironwood Homes at River Run, a 103-unit build-to-rent development in the Phoenix suburb of Avondale. Developed by Sunstone Two Tree, Ironwood Homes at River Run offers units in three- and four-bedroom floor plans. Units feature private side yards, personal two-car garages and smart technology packages. Amenities include a pool spa, fitness center, outdoor kitchen, gated entry and a playground.

October 10, 2023

Arizona Build-to-Rent Development Leasing & Marketing News Western

Mark-Taylor Residential Opens Single-Family Rental Community in Mesa, Arizona

by Channing Hamilton October 3, 2023

MESA, ARIZ. — Mark-Taylor Residential has opened Peralta Vista, an eco-conscious single-family rental project in Mesa. Located at 526 N Ellsworth Rd., Peralta Vista features one- and two-bedroom units homes built with sustainable materials to reduce energy costs and usage by more than 40 percent. According to the property website, amenities include a pool, lounge area, fitness center, game lawn, clubhouse, EV chargers and smart home technology.

October 3, 2023

Arizona Development Investment Sales News Western

Newcastle Properties Sells Acacia Creek Village in Scottsdale, Arizona for $100 Million Redevelopment

by Channing Hamilton September 29, 2023

SCOTTSDALE, ARIZ. — Newcastle Properties has sold Acacia Creek Village, a shopping center in Scottsdale, to an affiliate of the Trammel Crow Co. for $15 million. The purchaser plans to demolish the existing shopping center to construct a $100 million mixed-use project. The new property will include 215 residential units on 4.2 acres of land. A development timeline for the planned project has not been disclosed.

September 29, 2023

Arizona Development News Western

Sunstone Two Tree to Develop Three BTR Communities in Arizona for $195 Million

by Channing Hamilton September 28, 2023

PHOENIX, GLENDALE AND TOLLESON, ARIZ. — Sunstone Two Tree, a vertically integrated operator and developer based in Westlake Village, California, plans to develop three build-to-rent (BTR) communities in Arizona. Altogether, the three developments are slated to cost $195 million to construct and will add 551 single-family rental units to metro Phoenix. Sunstone Two Tree acquired a 29-acre lot at the southeast corner of Northern Pkwy. and N. Sarival Ave. in Glendale. The company will develop a 320-unit project on the site in partnership with Richmond, Virginia-based Capital Square. The community will include 102 …

September 28, 2023

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