Multi-Family Archives

$63M Mesa multifamily project breaks ground

Mesa multifamily project
by in AZRE Magazine | Multi-Family

Multifamily developer Housing Trust Group (HTG) closed on financing and broke ground on Aviva, a new $63 million, multifamily development in Mesa, according to a Tuesday announcement. The luxury gated community, located at 8350 E. Baseline Rd., will consist of 325 one-, two-, and three-bedroom apartments, a large state-of-the-art clubhouse, a 150-foot resort-style pool, and extensive green space.… Read More →

Mark-Taylor community 1st multifamily property to earn ENERGY STAR rating in Arizona

Mark-Taylor
by in AZRE Magazine | Multi-Family

Mark-Taylor’s Chandler multifamily San Palacio community is the first multifamily community in Arizona to earn the U.S. Environmental Protection Agency’s (EPA’s) lucrative ENERGY STAR certification, meaning that the building performs in the top 25 percent of similar facilities nationwide for energy efficiency, and meets strict energy efficiency performance standards set by the EPA. “This is an… Read More →

Olympus Property buys Vive in Chandler

Vive  is located 1901 West Germann Road in Chandler, near the Price Road Corridor, which is home to more than 32,000 employees. (Photo courtesy of Institutional Property Advisors)
by in AZRE Magazine | Multi-Family

Texas-based property management firm Olympus Property expands its multifamily Phoenix portfolio with the acquisition of Vive in Chandler, Arizona. Vive is the second purchase in Chandler, Arizona as Olympus recently acquired the Elevation Chandler property in September 2015. Vive is the sixth apartment community to be added to Olympus Property’s sixth fund. The investment structure provides investors… Read More →

Cushman & Wakefield negotiates $60M apartment sale

Cushman & Wakefield
by in AZRE Magazine | Multi-Family

A Phoenix Class A luxury apartment community, Broadstone Sixteen 75, sold to an entity formed by San Diego-based ConAm Asset Management Corporation for $60 million, according to Cushman & Wakefield. Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, a limited partnership formed by Phoenix-based Alliance Residential, of the 225-unit apartment… Read More →

Mesa multifamily complex sells in off-market transaction

Mesa multifamily
by in AZRE Magazine | Multi-Family

Country Club Greens Apartment Homes, totaling 68 units, closed Monday for $6,025,000 ($88,603/unit). The building was fully occupied at close of escrow. Christopher Roach, Matthew Roach, and Joseph Dietz of ORION Investment Real Estate negotiated the off market transaction. “The buyers are a father and son team out of Vancouver, Canada. They plan to hold the… Read More →

Marcus & Millichap sells 155-unit property for $10.6M

Marcus & Millichap
by in AZRE Magazine | Multi-Family

Marcus & Millichap (NYSE: MMI) negotiated the sale of Wyndham Place, a 155-unit multifamily community located in Phoenix, Arizona. The asset commanded a sales price of $10,600,000 or $68,387 for unit. Rich Butler, a senior director of Marcus & Millichap’s National Multi Housing Group and Brian Tranetzki, an associate director of Marcus & Millichap’s National Multi… Read More →

Metro Phoenix multifamily rents rise as vacancy drops

Central phoenix apartments

Colliers International in Greater Phoenix released its third quarter 2016 Multifamily Statistics, which report that market conditions strengthened in the past three months, decreasing vacancy and pushing rents higher. This decrease in vacancy occurred during a period when developers brought new units to the market, showing how strong demand is in this Southwest city, according… Read More →

U.S. apartment rents fall again in October

92257070
by in AZRE Magazine | Multi-Family

The U.S. apartment rent average fell by $3 in October to $1,216, according to data compiled from 123 markets surveyed by Yardi Matrix.  Despite the second straight month of decline in the average, rents grew 4.4 percent nationwide on a year-over-year basis in October. “The declining trend is not unexpected and demonstrates a reversion to more ‘normal’… Read More →

CBRE completes $7.15M sale of apartments in Tempe

CBRE
by in AZRE Magazine | Multi-Family

CBRE recently completed the sale of 1133 West Fifth, a 44-unit multifamily property located at 1133 W. 5th St in Tempe, Ariz. Brian Smuckler and Jeff Seaman of CBRE Multifamily Investment Properties in Phoenix negotiated the property on behalf of both buyer and seller. The seller was Alchemy Partners LLC. The buyer was Trimark-2016 Arizona… Read More →

ABI Multifamily negotiates $13.5M Glendale apartment sale

ABI Multifamily
by in AZRE Magazine | Multi-Family

ABI Multifamily negotiated the $13,500,00, $48,913-per-unit sale of the 276-unit, Casa Bellisima Apartment Homes, located in Glendale, Ariz. Built in two phases in 1983/84 and highly repositioned in 2015, the property features a mix of Studio, 1 and 2-bedroom unit types, with a weighted average unit size of approximately 648 square feet. “In April of… Read More →

ABI Multifamily negotiates $10.85M Mesa apartment sale

ABI Multifamily
by in AZRE Magazine | Multi-Family

ABI Multifamily negotiated the $10,850,000 sale of the 155-unit, Broadway Heights Apartments, located in Mesa, Ariz. The sale turns out to $70,000-per-unit and $100.20-per-square-foot. Originally built in 1983, the property features a mix of Studio, 1 and 2- bedroom unit types, with a weighted average unit size of approximately 700 square feet. “It’s amazing to see… Read More →

Urbanization drives luxury multifamily market

Downtown_Phoenix_Aerial_Sketch-on

Multifamily construction in Greater Phoenix returned to record level highs for completed number of units, rental rates and investment activity for the first time in over a decade. This year marks one of the highest rates of completion of multifamily developments since 2000. It also exceeds investment activity levels not seen since 2007. In turn,… Read More →

Western Wealth Capital’s Janet LePage earns honor

123rf.com:  Elnur Amikishiyev
by in AZRE Magazine | Multi-Family

Esteemed Champagne House, Veuve Clicquot, has awarded Janet LePage, CEO and co-founder of Western Wealth Capital, with its 2016 New Generation Award. LePage was selected from a shortlist of young entrepreneurs from across Canada. LePage, 35 years old, has grown Western Wealth Capital, a Vancouver, Canada-based multi-unit rental property investment firm, to the 3rd largest… Read More →

Central Phoenix apartments sell for $5.325M

Central phoenix apartments
by in AZRE Magazine | Multi-Family

Colliers International in Greater Phoenix has negotiated the $5,325,000 sale of Patio 15, a Central Phoenix apartment property located at 1523 West Colter St. “This property offered a great opportunity for the buyer to acquire real estate near the popular light rail system,” says Jeff Sherman, executive vice president with Colliers International. “Patio 15 offers… Read More →