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.
WESTMINSTER, CALIF. — CBRE brokered the sale of a 17-unit garden-style community in Westminster for $6 million. Dan Blackwell and Andrew Boukather represented the seller and the Orange County, California-based buyers in the transaction. The property is located at 13931-13951 Illinois St. and was constructed in 1963. All units feature two-bedroom layouts. Amenities include private patios, open space parking and an on-site laundry facility. Eighty percent of units were recently renovated with new windows, sliding doors, smoothed ceilings, laundry hookups in select units, new lights, fresh interior paint, ceramic tile flooring and refinished …
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.
CASTLE ROCK, COLO. — Asset Living has taken over management of Canvas at Castle Rock, a 102-unit townhome-style community in Castle Rock, as of June 21, 2023. Canvas at Castle Rock offers one, two and three-bedroom floor plans, as well as amenities such as a pool, fitness center, outdoor exercise space and a clubhouse. According to Apartments.com, the community was built in 2023.
ANAHEIM, CALIF. — CBRE arranged the sale of a 14-unit community located at 129 S. Olive St. in Anaheim. The property sold to a private investor for $5.9 million. The community was built in 1986 on approximately 15,500 square feet and offers two-bedroom townhome-style floor plans. The property was recently renovated with new paint and replacement of the exterior wood. Dan Blackwell represented the buyer and seller, which was also not disclosed, in this transaction.
CAMPBELL AND SANTA CLARA, CALIF. — JLL Capital Markets has arranged the sale of three garden-style communities in Silicon Valley. The properties sold for approximately $70 million. Ryan Wagner, Brandon Geraldo and Matt Kroger led the team that represented the private seller and procured three separate buyers. The portfolio includes: Appletree, a 72-unit community in Campbell; Vista Point, a 68-unit property in Santa Clara and Cedartree, a 50-unit asset that is also located in Santa Clara. All properties offer one- and two-bedroom floor plans.
MIDVALE, UTAH — Peak Capital Partners has purchased Park Station from Benedict Canyon Equities for an undisclosed price. Brock Zylstra and Danny Shin of Institutional Property Advisors represented the seller and procured the buyer. Park Station is a 96-unit community in Midvale, 12 miles south of Downtown Salt Lake City. The property was constructed in 1974 and offers one- and two-bedroom floor plans. Amenities include a children’s playground, laundry facilities, and covered parking.
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 …
COSTA MESA AND ANAHEIM, CALIF. — CBRE has arranged the sale of two communities totaling 38 units and $12.1 million in Orange County, California. The communities traded hands in a 1031 exchange. All parties involved in both transactions were private investors based in southern California. Dan Blackwell, Mike O’Neill and Andrew Boukather represented both the buyer and seller of 18 units at 1800 W. Glencrest Ave. in Anaheim for $4.8 million. The property was built in 1962 and comprises a pair of two-story buildings. The buildings recently underwent renovations including new flooring, appliances, updated …