Multi-Family Archives

ABI Multifamily sells Quail Canyon Apartment Homes for $9.3M

Quail Canyon Photo - Press Release

ABI Multifamily sold the 112-unit Quail Canyon Apartment Homes on McClintock Drive, just south of Broadway Road, less than one mile from the Tempe light rail. The $9.3M sale marks the fifth transaction brokered by ABI Multifamily since June 1 with a cumulative sales volume in excess of $35 million. “A lot of people use… Read More →

334,500 SF condominium project breaks ground in Scottsdale


Wespac Communities Inc., broke ground on Enclave at Borgata, a 335,500 square-foot podium condominium project at 6166 N. Scottsdale Road in Scottsdale. In partnership with Antera Development, and JEN Partners, the project is slated to complete in the winter of 2017, with first residents moving in Fall 2016. This exclusive luxury condominium community includes three… Read More →

Cactus Forty-2 apartment community in Phoenix sells for $36M

Cactus Forty 2
June 20, 2015 by in AZRE Magazine | Brokerage | Multi-Family

DTZ announced that Cactus Forty Two Holdings, LLC, a venture formed by Joe Meyer, Southwest Next Capital Management, and Matt Cody, Cachet Homes, sold its recently completed, 200-unit Cactus Forty-2 Apartment community located at 4242 E Cactus Road in Phoenix for $36 million ($180,000 per unit). The buyer was an entity formed by Fort Worth,… Read More →

Preliminary master development plan for ASU Athletics Facilities District released

ASUAFD Preliminary Master Plan - 6.16.15

Arizona State University (ASU) and Catellus Development Corporation, a nationally recognized master developer, are taking an important step toward creating a world-class urban community immediately adjacent to ASU’s Tempe Campus.  Following several months of due diligence and market analysis, Catellus worked in collaboration with ASU to develop a preliminary master development plan to transform the… Read More →

New condos breaking ground in Downtown Phoenix


In the midst of the economy picking up and the surge of urban growth and development in downtown Phoenix, there is new affordable condo project breaking ground. Since the launch of en Hance Park, four units have already sold with sales anticipated to move quickly. The 59,000-square-foot condo complex is an affordable, thoughtful living option… Read More →

Mill Ave. apartment complex sells for $700K

Mill Ave. Bridge in Tempe, AZ. Photo Credit: Flickr, twak
June 15, 2015 by in AZRE Magazine | Brokerage | Multi-Family

Millrose Place Apartments sells for $700,000 or $123 per square foot to Bloom Millrose, LLC.  The seller, Jade Court LLLP, was represented by Vice President, Danny Lee of Sperry Van Ness, LLC.  The buyer was represented by Tammy Malouff.  Millrose Place Apartments is located at 2205 S. Mill Ave, on the southeast corner of Palmcroft… Read More →

Grandbridge finances $67M Arizona multifamily community

Grigio Apts
June 14, 2015 by in AZRE Magazine | Featured | Multi-Family

Grandbridge Real Estate Capital recently closed a $67,000,000 first trust deed mortgage secured by a 523-unit multifamily complex located in Tempe, Ariz.  Financing was arranged by Tom Kenny, Senior Vice President, and Josh Boehling, Vice President, both based in Grandbridge’s Orange County, Ca., office. Funding for the fixed rate refinance loan was provided through Fannie… Read More →

NOVO Development announces first project; everythingpossible

Veteran real estate experts Kurt Rosene and Justin Miller have formed NOVO Development, LLC, a commercial real estate development company headquartered in Scottsdale, AZ. Rosene, who recently received NAIOP Phoenix’ Award of Excellence, has spent more than 25 years in the commercial real estate field.  He has provided development, leasing and management expertise to a… Read More →

Alliance Residential buys multifamily site in Gilbert

Broadstone Civic Center

DTZ announced that Broadstone Civic Center, LLC (Alliance Residential) purchased a 13.72 acre, 256-unit multifamily development site located south of the southwest corner of Warner Road and Civic Center Drive in Gilbert for $3.85 million ($$15,039 per unit). The seller was AZ Gilbert Holdings 2, LLC (an entity formed by Lehman Brothers Holdings, Inc.). DTZ… Read More →

Concentrated Culture: The symbiosis of new-build and adaptive reuse

Portland on the Park, Courtesy of DAVIS

There are undeniable truths in commercial real estate. For instance — retail follows rooftops. However, when the right variables come together, the presence of retail can create a demand for mixed-use communities. This is a phenomenon Michelle Schwartz, associate at RSP Architects, has observed in her firm’s recent work. “Arizona has such a short history… Read More →

Autistic adults move into First Place™ beta site

First Place, RSP Architects

Adults with autism have moved into the beta site for the First Place Transition Academy, one of three components of the future First Place mixed-use residential property in Phoenix.  The Academy is teaching independent living, career development and social skills for a population that experiences a “services cliff” after high school, according to a new… Read More →

Big Deals: Multi-Family/Sales, May 2015-June 2015

Trillium Cave Creek 2

There’s no such thing as a “small” deal in this industry, coming out of a recession. However, it’s the big deals, and the brokers who make them, that make the market an interesting one to watch. In every issue, AZRE publishes the top five notable sales and leases that have occurred one month out from… Read More →

Almeria at Ocotillo celebrates grand opening


The P.B. Bell Companies, a leader in multifamily housing and real estate development and management, is celebrating the official grand opening of Almeria at Ocotillo, a luxury community in Chandler, Ariz. Grand opening festivities mark the completion of the community’s second and final phase, an accompaniment to Almeria’s first phase, which opened last spring. Located… Read More →

HSL acquires 44 Monroe in downtown Phoenix

Multi-Family Market - AZRE Magazine July/August 2011

HSL 44 Monroe, LLC, purchased a $50.65 million controlling interest in 44 Monroe, Arizona’s tallest luxury residential tower. Located at 44 Monroe on the northeast corner of 1st Avenue and E. Monroe Street, the property is located in the heart of the downtown Phoenix financial district. HSL purchased 184 condominium units in the 198-unit tower.… Read More →