Arizona

RSN Property Group Buys Phoenix Value-Add Property for $20.3 Million

by Lynn Peisner May 8, 2023

TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of and financing for The Gallery, an 88-unit community in Tempe. Living Well Homes sold the property to RSN Property Group for $20.3 million. Cliff David and Steve Gebing, both executive managing directors with IPA, along with Marcus & Millichap Senior Vice Presidents Paul Bay and Darrell Moffitt, represented the seller and procured the buyer. The IPA capital markets team led by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged acquisition financing. The Gallery is a two-story, …

May 8, 2023

The pool at Spring, with the property behind it.

Arizona Investment Sales News Western

Rise48 Equity Acquires Spring in Phoenix for $42 Million

by Channing Hamilton May 4, 2023

PHOENIX — Rise48 Equity has acquired Spring, a 186-unit garden-style property in Phoenix, from Living Well Homes for $42 million. Cliff David and Steve Gebing of Institutional Property Advisors (IPA) represented the seller. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged the acquisition financing. Built in 1984, Spring comprises 18 two-story buildings across nine acres. Community amenities include a pool, courtyard and a fitness center. Individual apartments feature washers and dryers, dishwashers, walk-in closets, and patios or balconies. The average unit size is 830 …

May 4, 2023

A 3D render of the clubhouse interior at Town Deer Commons in Phoenix.

Arizona Development News Western

Related Group Approaching Completion of Town Deer Valley in Phoenix

by Channing Hamilton May 3, 2023

PHOENIX — Related Group is developing Town Deer Valley, a 388-unit community in Phoenix. The complex has been developed in five turnover phases on a 20-acre site. A completion date for Town Deer Valley has not been disclosed. However, the project’s general contractor, locally based construction management firm GCON Inc., estimates that it is currently 80 percent complete with the overall development. Town Deer Valley totals 442,000 square feet across 19 buildings designed by Todd & Associates Architects. Community amenities include two pools, cabanas, golf putting green, a pet spa, a …

May 3, 2023

Arizona Development News Western

Opus Group Opens Melody on Main in Mesa

by Lynn Peisner May 2, 2023

MESA, ARIZ. — The Opus Group has begun leasing the multifamily component of Melody on Main in Mesa. The mixed-use project includes 335 units consisting of studios, one-, two- and three-bedroom apartments. Amenities include a resort-style pool, a 24-hour fitness center, a yoga studio, bocce ball court and a dog park and spa. Melody on Main also includes 20,000 square feet of retail space. Two of five buildings in the community are now open. Melody on Main is scheduled to be fully complete in March 2024. Griffin Capital Co. was …

May 2, 2023

Arizona Development News Western

Mill Creek Breaks Ground on Modera Reserve in Scottsdale

by Lynn Peisner April 18, 2023

SCOTTSDALE, ARIZ. — Mill Creek Residential has broken ground on Modera Reserve, a 360-unit community in the Kierland neighborhood of North Scottsdale. The project is Mill Creek’s second in Arizona. First move-ins are estimated for spring 2025. Modera Reserve will offer studio, one-, two- and three-bedroom floor plans, averaging 938 square feet in size. The property is designed around three courtyards and 10,000 square feet of interior amenity space, which will include a fitness center, digital package room, coworking spaces, a resident lounge and a clubroom with a pool table. …

April 18, 2023

Spring Apartments, a white apartment complex with green and red accents around a pool.

Arizona Investment Sales News Western

Rise48 Equity Acquires Spring Apartments in Phoenix For $42 Million

by Channing Hamilton April 3, 2023

PHOENIX — Rise48 Equity has acquired Spring Apartments from an undisclosed seller for $42 million. Spring Apartments is a 186-unit complex in Phoenix. According to Apartments.com, the community was built in 1984 and offers one- and two-bedroom floor plans. Rise48 Equity — which is an equity and a property management firm based in Scottsdale, Arizona — will rebrand the asset as “Rise Desert Cove.” The company plans to spend $5 million renovating the property. Unit upgrades include quartz countertops, updated lighting fixtures and stainless steel appliances. Rise48 Equity additionally plans to repaint …

April 3, 2023

A 3D render of the ONE at Mountain Vista, a predominantly white multifamily complex with gray and brown accents.

Arizona Development News Western

Talos Holdings Breaks Ground on $85.3 Million Development in Mesa, Arizona

by Channing Hamilton March 14, 2023

MESA, ARIZ. — Scottsdale, Arizona-based Talos Holdings has broken ground on The ONE at Mountain Vista in Mesa, Arizona, which is 19 miles east of Phoenix. Northmarq’s debt and team of Brandon Harrington and Tyler Woodard secured $85.3 million in construction financing for the development, including a $59.2 million senior construction loan from a life insurance company and $26 million of preferred equity from a real estate private equity firm. The combined senior construction loan and preferred equity is 80 percent loan-to-cost. The ONE at Mountain Vista is expected to …

March 14, 2023

A building which is part of Arches Apartments. It is white with orange accents.

Arizona Investment Sales News Western

Storm Properties Acquires The Arches Apartments in Glendale, Arizona for $33.5 Million

by Channing Hamilton March 8, 2023

GLENDALE, ARIZ. — Torrance, California-based Storm Properties Inc. has acquired The Arches Apartments in the Phoenix suburb of Glendale for $33.5 million. The Arches is a 200-unit, garden-style community that was developed in 1985. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq’s investment sales team brokered the transaction on behalf of the seller, an affiliate of Phoenix-based Western Wealth Capital doing business as WWC XL VII. Northmarq’s debt and equity team of Brandon Harrington, Christopher Gitibin, Tyler Woodard, Bryan Mummaw and Bryan Liu arranged a five-year, fixed-rate …

March 8, 2023

Mountain Park's cabana and pool area, with the white multifamily building behind it.

Arizona Investment Sales News Western

LaSalle Investment Management Buys Mountain Park in Phoenix

by Channing Hamilton March 1, 2023

PHOENIX — Sares Regis Group has sold Mountain Park, a 240-unit community in Ahwatukee Foothills, which is about 20 miles south of Phoenix. The buyer was LaSalle Investment Management. Institutional Property Advisors (IPA) brokered the sale, with IPA Executive Managing Directors Cliff David and Steve Gebing representing the seller and procuring the buyer. Mountain Park was sold under Newport Beach, California-based Sares Regis Group’s Multifamily Value-Add Fund III, which is equity focused on Class B properties in the Western states, primarily in Southern California, Seattle, Portland, Oregon, and Phoenix. Built …

March 1, 2023

Affordable Housing Arizona Development News Western

Roers Cos. Secures $90 Million to Develop Affordable Housing Community near Phoenix, Arizona

by Channing Hamilton February 28, 2023

BUCKEYE, ARIZ. — Roers Cos. has secured financing for the development of Solana Villas, an affordable housing community in Buckeye, approximately 37 miles west of Phoenix. Funding for the project was provided by Merchants Capital and Merchants Bank of Indiana (MBI). Merchants Capital secured $90 in financing for the property, including a $33 million MBI tax-exempt construction loan, a $24 million construction loan and a $31.5 million Freddie Mac loan. Additionally, MBI provided a 4 percent LIHTC equity investment of $27.8 million. Solana Villas will sit on approximately 10.7 acres …

February 28, 2023

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