Multi-Family Archives

District Lofts now pre-leasing in Gilbert’s Heritage District

by in AZRE Magazine | Multi-Family

Renters looking to establish roots in one of the most desirable areas in the U.S. have a new option: District Lofts. District Lofts is the only luxury rental community located within the Town of Gilbert’s soulful, urban and walkable Heritage District neighborhood. The Heritage District continues to lure the region’s most premier shops, dining and… Read More →

Tempe apartments on Broadway sell for $41.81M

Tempe apartments on broadway
by in AZRE Magazine | Multi-Family

A 194-unit Tempe apartment complex near Broadway and Rural roads was recently sold for $41.81 million to Toronto-based Brass Enterprises. Trinsic Residential Company and CNL Growth Properties, which were both represented by JLL Executive Vice Presidents John Cunningham and Charles Steele, sold the complex, Aura at Broadway. The complex is located at 1221 E. Broadway Rd.,… Read More →

What are the 10 most expensive Arizona zip codes for rent?

Infill development
by in AZRE Magazine | Multi-Family

Although the average rent in Arizona was hovering around $947 at the end of Q1—quite far below the national average that hit $1,316 in May—, certain spots in the desert can yield generously for landlords. In fact, that statewide average is the result of a 5.8% year-over-year growth, one of the highest state-level growth rates in the country… Read More →

North Phoenix apartments sell for $40.25M

North Phoenix apartments
by in AZRE Magazine | Multi-Family

CBRE Group Inc. arranged the $40.25 million sale of Avenue 25, a 254-unit, Class A multifamily community located at 18250 N. 25th Ave. in Phoenix, Arizona. Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Los Angeles-based TruAmerica Multifamily. The buyer was Salt Lake City-based Millburn & Company. “In addition to the North Phoenix… Read More →

Polaris Pacific hired for $90M luxury condo project in Chandler

by in AZRE Magazine | Multi-Family

The Statesman Group announced today that West Coast-focused Polaris Pacific has been hired to lead the sales and marketing for its $90 million dollar luxury condominium community, The Cays at Downtown Ocotillo. Located within Chandler’s sought-after Ocotillo lakefront neighborhood and along the vibrant Price Corridor, The Cays is a collection of 278 one- and two-bedroom… Read More →

Verde Dimora Apartments in Mesa sell for $22.25M

The Verde Dimora Apartments at 2217 N. Power Rd. in Mesa have been sold to a Canadian investor for $22,250,000. The buyer is expanding its portfolio of Arizona properties and plans long-term ownership of the community. Western Wealth Capital (WWC), LLC of Arizona purchased the property from Verde Dimora, LLC, an Arizona limited liability company.… Read More →

Berkadia secures $29.7M for Phoenix multifamily property

Berkadia announced the sale of the 152-unit Park 28 Apartments, a new luxury multifamily community located in Phoenix. Senior Managing Director Mark Forrester, Senior Managing Director Ric Holway and Senior Director Dan Cheyne closed the $29.7 million sale on behalf of the seller, an entity of Evergreen Development Company. The buyer was Pure US Apartments… Read More →

ABI brokers $9.1M sale of a multifamily community near GCC

by in AZRE Magazine | Multi-Family

ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, announced the $9,100,000 / $58,333 per unit sale of the Cambridge Square Apartment Homes, a 156- unit apartment community located in Glendale, Arizona. The property features (7) three-story buildings, built of frame/stucco construction in 1984 and rests on approximately 4.32 acres. Cambridge Square… Read More →

San Portales opening at former Rawhide site in Scottsdale

by in AZRE Magazine | Multi-Family

With its new San Portales multifamily development opening this fall in the desert foothills of north Scottsdale, Mark-Taylor has created a distinctive living experience that is targeted to a older demographic, with enormous rental units, direct-access two-car garages and elevators located throughout the development. As part of the Silverstone at Pinnacle Peak master plan – the site… Read More →

IPA brokers $77 million apartment asset sale in Tempe

by in AZRE Magazine | Multi-Family

Institutional Property Advisors (IPA) announced the sale of Onnix, a 659-unit apartment property in Tempe, Arizona. The $77,050,000 sales price equates to $116,920 per unit. “The physical improvements made to Onnix, its excellent location and tremendous scale place the property in an enviable position within the competitive landscape of Tempe,” says Cliff David, senior managing… Read More →

Ocotillo Springs in Chandler sells for $40 million

by in AZRE Magazine | Multi-Family

On behalf of San Francisco-based Fowler Property Acquisitions, LLC, Cushman & Wakefield recently negotiated the purchase of Ocotillo Springs, a 272-unit community located at 825 West Queen Creek Road in Chandler, Ariz., for $40.5 million. Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the buyer. The seller… Read More →

Fenix Development breaks ground on Tempe project

Fenix Development, a Los Angeles-based real estate investment and development company, has broken ground on Phase I of The Watermark | Tempe at the north bank of Tempe Town Lake. Phase I, of the 1.9 million-square-foot mixed-use development, will include 250,000 square feet of premium Class A office space, 44,000 SF of high-end restaurant and boutique retail service… Read More →

Midtown apartments, Club 7, sell for $19M

Club 7
by in AZRE Magazine | Brokerage | Multi-Family

Club 7 Apartments, a 219-unit, urban infill multifamily community at 3030 N. 7th St., Phoenix, sold for $19,000,000 or $86,758 per door. Lee & Associates brokers Todd Braun, principal, and Bryson Fricke, associate sold the property on behalf of Oregon-based 3030 North Equity LLC. The sought after property was in high demand with multiple offers.… Read More →

Seattle investors buy Ahwatukee apartments for $85.25M

Ahwatukee apartments Andante
by in AZRE Magazine | Brokerage | Multi-Family

A 576-unit, Class A multifamily complex, Andante, was sold to a Seattle-based real estate investment firm for $85.25 million, according to CBRE, the brokerage firm that worked on the deal. Andante is located at 15801 S. 48th St., in Phoenix’s Ahwatukee submarket. The apartments are located west of Interstate 10 with visibility along Chandler Boulevard. Tyler… Read More →