PHOENIX — ABI Multifamily has brokered the $2.2 million sale of an eight-unit property at 4229 North 17th St. in Phoenix. The buyer and seller are based in Arizona. Mitchell Drake, Dallin Hammond and Carson Griesemer represented the seller in this transaction. The property was originally built in 1982 and was renovated in 2020. Interior renovations include contemporary cabinets, stainless-steel appliances, vinyl flooring, floating bathroom vanities and more. Units come in two-bedroom layouts. Exterior renovations include a dog run, community patio grill and picnic area. 4229 North 17th St. is …
Arizona
MESA, ARIZ. — StarPoint Properties has procured $52 million for the construction of Dobson Station, a 245-unit community in Mesa. Jeff Sause, Wyatt Strahan and Elle Miraglia of JLL Capital Markets arranged the construction financing for the project through a debt fund. Dobston Station will rise four stories and offer studio, one- and two-bedroom units. Amenities will include a fitness center, clubhouse, coworking facility and community kitchen. On-site parking will include a mix of tuck-under and grade-level parking. Development is slated for completion in 2024.
PHOENIX — WhiteHaven has purchased Clarendon Park Apartments, a 138-unit community in Phoenix, for $37 million. The company rebranded the property as Haven at Midtown. Built in 2002, Haven at Midtown offers studio, one- and two-bedroom units. Amenities include a pool with a grilling area, a gym, internet access, a dog park, garages and covered parking. Greystar will be the property manager for this asset.
PHOENIX — Empire Group has secured a $88.5 million construction loan to develop Village at Bronco Trail, a build-to-rent (BTR) community in Phoenix. Kyle McDonough and George Maravilla of Tower Capital arranged the financing. Village at Bronco Trail will comprise 354 units on a 30-acre site. Each unit will feature a private yard, a kitchen with quartz countertops, stainless steel appliances, full-size washers and dryers, and smart-home features. Amenities include detached garages, a dog park, grilling area, resort-style pool, clubhouse and common area open spaces. Empire Group expects to deliver the …
PHOENIX — An affiliate of Reliant Group Management has purchased Phoenix Manor, a 405-unit property in Phoenix. Phoenix manor comprises 38 apartment buildings, a 16,750-square-foot clubhouse with a leasing center, 6,750-square-foot auditorium, 4,200-square-foot maintenance shop, two pools, two lagoons, three pavilions, a dog park, putting green and four shuffleboard courts. The property offers studio, one- and two-bedroom floor plans. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers represented the seller, Phoenix Manor LLC.
PHOENIX — MIG Real Estate sold Bayside, a garden-style community in Phoenix, to ICG LLC for $46 million. Dan Cheyne, Mark Forrester, Ric Holway and Andrew Curtis of Berkadia Phoenix represented the seller. Jeff Stuart and John Runkle of Berkadia Seattle secured $27.7 million in acquisition financing from Freddie Mac on behalf of the buyer. Bayside offers 176 rental units in one- and two-bedroom layouts. Amenities include covered parking, a fitness center, a pool and picnic areas with barbeque grills.
PRESCOTT, ARIZ. — Montezuma Heights Investors LLC will break ground on Montezuma Heights, a $41 million, 144-unit development in Prescott, on July 13th. Montezuma Heights will offer one, two and three-bedroom floor plans. Amenities include a fitness center, lounge, outdoor grotto with a grilling area, dog parks, EV chargers and a trail connection to Granite Creek Park. The property is located 1 mile from the city’s historic Whiskey Row district. Construction is expected to complete in March of 2025. MEB Management will manage and lease the community.
PHOENIX — Living Well Homes sold The Marlowe, a 53-unit community in Phoenix, to Topp Corp. for $8.4 million. Paul Bay, Darrell Moffitt, Cliff David and Steve Gebing of Institutional Property Advisors represented the seller and procured the buyer. The Marlowe was built in 1968 and includes amenities such as a central courtyard, pool, laundry facility and assigned parking. The average unit size at the property is 552 square feet.
SAN TAN VALLEY, ARIZ. — Thompson Thrift is set to begin construction on Stella, a 308-unit community in the Phoenix suburb of San Tan Valley, this month. This will be Thompson Thrift’s sixth community in Arizona. Stella will comprise 12 two- and three-story buildings, as well as green spaces, a pool, two pickleball courts, two dog parks. Units will come in one-, two- and three-bedroom floor plans and include features such as quartz countertops, hardwood-style flooring, stainless steel appliances, internet access, ceiling fans, washers and dryers, smart thermostats and an …
PEORIA AND GLENDALE, ARIZ. — Empire Group has secured $120.5 million in financing for two build-to-rent (BTR) communities in the Phoenix metropolitan area. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on both deals. The Scottsdale, Arizona-based developer received a $78.5 million bridge loan to refinance Village at Pioneer Park, a 332-unit BTR community in the northwestern Phoenix suburb of Peoria. Built in 2022, the community includes amenities such as a clubhouse, pool, fitness center, pet wash station and dog park. Empire Group also received $42 million …