Multi-Family Archives

Acquisition of Chandler office condo unit sells for $862K

Justin

Southgate Commerce Center II recently sold for approximately $862,000.  Senior Advisor, Justin Horwitz with Sperry Van Ness, LLC in Phoenix represented a client into the acquisition of an office condo unit at 7415 W. Boston St., Chandler, AZ 85226.  This transaction involved a sale leaseback.  The Seller was represented by Matt Leonard with Levrose Real… Read More →

ORION announces two multifamily transactions in Phoenix

Maryland East Apartments

ORION Investment Real Estate has announced the sale of two small apartment communities located in the Phoenix MSA. Located off the Loop 202 Freeway and Van Buren Street, Belaflora Condominiums sold for $1,255,000 or $83,667 per unit. This 15-unit portfolio sale of Class “A” Condos is part of a larger 185-unit complex within a strong… Read More →

Scottsdale’s Engel & Volkers partners with Bosa Development

real estate market

Bosa Development, the foremost leader in superior quality, luxury, design-focused waterfront residential living and S&P Real Estate have partnered with world-renowned Engel & Völkers Scottsdale to introduce Arizona residents to Bosa’s newest bayside project in San Diego, Pacific Gate. Engel & Völkers‚ Sandra Wilken, franchise broker and brokers Babbi Gabel and Mary Grassl are heading… Read More →

Multifamily property to be reverted to townhomes

Valencia-02

CBRE has completed the sale of a rental property in North Central Phoenix. The Valencia Townhome community, located at 550 West Maryland Avenue, commanded a sale price of $6.59 million. CBRE Multifamily Investment Properties’ Brian Smucker and Jeff Seaman negotiated the transaction. The buyer was Valencia Townhomes, LLC of Scottsdale, Arizona. The seller was American… Read More →

Berkadia sells Mountain Top Village for $2.1M

Mountain Top Village photo

Berkadia has announced the sale of Mountain Top Village, located at 4850 South White Mountain Road in Show Low, Arizona. Managing Director Chuck LaBenz, Senior Director Greg Thielen and Associate Bryan Mummaw of the Phoenix office negotiated the transaction. Mountain Top Village sold for $2.1 million on July 10, 2015. The sales price reflects a… Read More →

Solano terrace buys Sonoma Grand apartments for $12.25M

sonoma grand

Solano terrace LLC in Phoenix (Zev Hendeles, principal) paid $12.25 million ($42,535 per unit) to buy the 288-unit Sonoma Grand apartments located at 4715 N. Black Canyon Highway in Phoenix. The seller was Ridge Apartments LLLP, a limited partnership formed by Mentor Properties Inc. in Scottsdale (Cal DeSouza, Frank DeSouza, principals). The deal was brokered… Read More →

El Mirage Road offers additional access to Vistancia’s services

Lone Mountain Road Entry Monument

Vistancia residents and visitors will enjoy a new alternate route to the community’s neighborhoods and shopping centers located along Vistancia Boulevard. At just under a mile, El Mirage Road construction from Vistancia Boulevard to Lone Mountain Parkway is complete. The new stretch of the four-lane roadway and adjacent bike lane also offers easier access to… Read More →

ABI sells downtown Phoenix historic adaptive reuse project

Power Apartments - View 1

ABI Multifamily has announced the $1.165M sale of the Historic Power Apartments located in Phoenix. Originally built in 1914 as apartments, the property was converted and has been run as an office building for many years. The new owner intends to revert the property back into a 12-unit apartment community. “Although there are many new apartment… Read More →

New to Market: July, August 2015

REI Goodyear Distribution Center

RETAIL Crown on 7th DEVELOPER: Buzz Gosnell and Niels Kreipke General Contractor: Alexander Building Company Architect: Brick & West Design Brokerage: Venture REI Location: 7th Street, between Missouri Avenue and Bethany Home Road Size: 18KSF VALUE: $6M redevelopment Start/Completion: November 2014 to summer 2015 MIXED USE CB20 DEVELOPER: Wetta Ventures General Contractor: TBD Architect: Brick… Read More →

Marcus & Millichap sells Phoenix apartments for $3M

123rf.com: feverpitched

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tidewood, a 49-unit apartment community located in Phoenix, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,000,000. Trevor Hardy, investment specialists… Read More →

Cooper, Cardinal and Company sells Garfield Commons

cooper

Cooper, Cardinal and Company LLC, a boutique multi- family investment brokerage firm with headquarters in Chandler, Arizona, represented the Seller and Buyer in the sale of Garfield Commons Apartments, a 9-unit turn-key multi-family community located in Phoenix, Arizona. The sale price of $450,000 equates to $50,000 per unit or $88.24 per square foot. Jack A.… Read More →

SVN sells La Villa Apartments in Phoenix for $1 Million

lease

La Villa Apartments recently sold for $1,000,000 or $33,333K per unit, which is a great considering the apartments sold for $50K less than the original asking price.  Vice president of Sperry Van Ness, LLC, Danny Lee represented both the buyer and the seller in this multifamily sale.  The property is located at 4117 N. 15th… Read More →

Brentwood apartment property in Phoenix sells for $9.65M

brentwood

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Brentwood, a 224-unit apartment property in Phoenix. The asset sold for $9,650,000. Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property… Read More →

Capital One provides an $11.9 million Freddie Mac loan

housing.prices

Capital One has announced that it has provided an $11.9 million Freddie Mac fixed-rate loan to refinance Catalina Village, a 376-space, all-age manufactured housing community (MHC) in Phoenix, Arizona. Damon Reed, Senior Vice President and Capital One’s Director of MHC Finance, originated the transaction. The key principal is a repeat customer of both Capital One and… Read More →