Arizona

Institutional Property Advisors Arranges $112 Million Sale of Aiya in Gilbert, Arizona

by Channing Hamilton September 15, 2023

GILBERT, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Aiya, a 360-unit property in Gilbert. The Wolff Co. acquired the community from Olumpus Property for $112 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. Brian Eisendrath, Cameron Chalfant and Jake Vitta arranged the acquisition financing. Aiya was built in 2022 on 16 acres. Amenities include EV chargers, a pool and spa, conference room, private offices and a community kitchen. Apartments come in studio, one-, two- and three-bedroom floor plans with …

September 15, 2023

Arizona Investment Sales News Western

Institutional Property Advisors Brokers the Sale of 140-Unit Juniper Canyon in Tucson, Arizona

by Channing Hamilton September 12, 2023

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Juniper Canyon in Tucson. Clint Wadlund, Hamid Panahi, Art Wadlund, Steve Gebing and Cliff David represented the seller and procured the buyer. Juniper Canyon comprises 140 units and, according to Apartments.com, was built in 1985. The community offers amenities such as a clubhouse, fitness center, volleyball court, pool and picnic area. According to IPA, Juniper Canyon has seen a 97 percent average physical occupancy over the past 12 months.

September 12, 2023

Arizona Build-to-Rent Investment Sales News Western

Harvard Investment Sells Build-to-Rent Community in Phoenix for $87.9 Million

by Channing Hamilton September 8, 2023

PHOENIX — Harvard Investments has sold FirstStreet Happy Valley, a 212-unit build-to-rent community in Phoenix. Spruce Capital Group, a private family-owned investment firm, acquired the asset for $87.9 million. FirstStreet Happy Valley offers one-, two- and three-bedroom floor plans with attached and detached garages. The average size of the units is 1,904 square feet. Amenities include a dog park and washing station, a pool, spa, fitness center and clubhouse. The property was built two years ago and was 94 percent occupied at the time of sale.

September 8, 2023

Arizona Build-to-Rent Development News Western

Mark-Taylor Residential, Sunstone Two Tree Complete Build-to-Rent Complex in Surprise, Arizona

by Channing Hamilton September 8, 2023

SURPRISE, ARIZ. — Mark-Taylor Residential and Sunstone Two Tree have completed Sierra Verde, a townhome-style build-to-rent community in the Phoenix suburb of Surprise. Sierra Verde offers two- and three-bedroom homes with attached garages, gated patio entry and smart home technology. The average unit size is 1,331 square feet. Amenities include a pool and spa, a playground and a fitness center.

September 8, 2023

Arizona Development Finance News Western

JLL Arranges $62.6 Million in Construction Financing for Meritum Sonoran Desert in Phoenix

by Channing Hamilton September 7, 2023

PHOENIX — JLL Capital Markets has arranged $62.6 million in construction financing for Meritum Sonoran Desert, a garden-style development in Phoenix. Kevin MacKenzie, Brad Miner and Elle Miraglia worked on behalf of the borrower, IDM Cos., to secure the loan through a life company. Slated for completion in 2025, Meritum Sonoran Desert will comprise 348 apartments across 13 buildings. Units will come in one-, two- and three-bedroom layouts. Planned amenities include a clubhouse with a resident living room and kitchen, fitness center, a dog park and two pools.

September 7, 2023

A development project by Milhaus and Banyan Residential in Phoenix

Arizona Development Finance News Western

Milhaus, Banyan Residential Break Ground on $117 Million Development in Phoenix

by Channing Hamilton September 6, 2023

PHOENIX — Milhaus and Banyan Residential have begun constructing the first phase of a 515-unit community in Phoenix. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3 million construction loan for the project. The community will feature studio, one-, two- and three-bedroom units ranging in size from 415 to 1,392 square feet. Amenities will include two clubhouses, pools, a fitness center, green spaces and a dog park. Phase one is expected to deliver in the fourth quarter of 2025, with a total development cost of $117 million.

September 6, 2023

Arizona Investment Sales News Western

Orion Investment Real Estate Brokers $87.8 Million Sale of Aerie Happy Valley in Phoenix

by Channing Hamilton September 6, 2023

PHOENIX — Orion Investment Real Estate has arranged the sale of Aerie Happy Valley in Phoenix. The buyer and seller were not disclosed, but the asset traded hands for $87.8 million. Aerie Happy Valley comprises 214 apartments in a mix of 55 one-bedroom, 101 two-bedroom and 58 three-bedroom units. Linda Fritz-Salazar and Angelessa Ritchie of Orion Investment Real Estate brokered the transaction.

September 6, 2023

Arizona Development Leasing & Marketing News Western

Raintree Investment Corp. Opens Willow 38 in Phoenix’s Arcadia Neighborhood

by Channing Hamilton August 30, 2023

PHOENIX — Raintree Investment Corp. has opened Willow 38, a townhome-style community in the Arcadia neighborhood of Phoenix. The property offers 48 units in three- and four-bedroom layouts. Units come with smart home technology packages, including smart thermostats and stoves, Ring doorbell cameras, leak detection and touchless door locks. Other features include garages pre-wired for EV charger capability, fenced backyards and walk-in closets. MEB Management Services is the manager for Willow 38.

August 30, 2023

An unnamed community developed by Milhaus and Banyan Residential in Phoenix

Arizona Development Finance News Western

Milhaus, Banyan Residential Break Ground on $117 Million Community in Phoenix

by Channing Hamilton August 25, 2023

PHOENIX — Milhaus and Banyan Residential have broken ground on a $117 million development on the southwest corner of 48th St. and Washington St. in Phoenix. The first phase of the 515-unit community is slated for completion in the fourth quarter of 2025. Units will come in studio, one-, two- and three-bedroom layouts. Amenities will include two clubhouses, pools, a fitness center, green spaces and a dog park. UMB provided a $63.3 million construction loan for the project, with syndication by First Merchants and Academy Bank.

August 25, 2023

Arizona Build-to-Rent Development News Western

NexMetro Communities, Mosaic Break Ground on Build-to-Rent Community in Glendale, Arizona

by Channing Hamilton August 21, 2023

GLENDALE, ARIZ. — NexMetro Communities has broken ground on Avilla Palomino, a 197-unit build-to-rent community in the Phoenix suburb of Glendale. Mosaic is the general contractor for the development. Avilla Palomino will offer duplex and single-family detached units across an 18-acre site. Units will come in one-, two- and three-bedroom floor plans. Amenities include a pool with a spa, shaded pavilion, barbeque areas and a dog park with a dog wash station. A construction timeline for the project was not disclosed.

August 21, 2023

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