Multi-Family Archives

Apartments near I-17 in Phoenix sell for $19M

apartments near I-17
by in AZRE Magazine | Multi-Family

Solano Terrace Apartments at 4715 N. Black Canyon Highway was sold to a California investor for $19 million, according to Colliers International. “This property offered a unique opportunity close to the major transportation sources of Interstate 17 and Light rail,” says Bill Hahn, executive vice president with Colliers International in Greater Phoenix. “The community is… Read More →

16-unit Phoenix apartment complex sells for $2.463M

Phoenix apartment complex
by in AZRE Magazine | Multi-Family

Haven, a 16-unit Phoenix apartment near Maryland and Central Avenues, sold for $2,463,158 or $153,947 per unit, according to Marcus & Millichap, the firm that worked on the deal. The apartments were updated in 2016, and are located in the Uptown Phoenix corridor at 6501 N. 3rd Avenue, Phoenix, Ariz. Brian Tranetzki and Rich Butler, multifamily investment… Read More →

Apartments near SkySong sell for $20.85M

Apartments near SkySong
by in AZRE Magazine | Multi-Family

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, completed the sale of Dwell Apartment Homes, a 193-unit apartment property in Scottsdale, Arizona. The $20.85 million sales price equates to $108,031 per unit. “Built in two phases by Wonderbowl Inc. in 1963 and W.R. Schulz &… Read More →

CBRE completes sale of 2 Avondale apartments

by in AZRE Magazine | Multi-Family

CBRE completed the sale of Mirabella and 3800 Lux, two adjacent multifamily communities totaling 715 units. The two Class A communities are located at 3800 N. El Mirage Rd. in Avondale. The buyer was Priderock Capital Management and the seller, FPA Multifamily, was represented by Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with… Read More →

Investment firm enters Arizona market with Glendale apartment buy

Glendale apartment
by in AZRE Magazine | Multi-Family

Florida-based real estate investment firm Monument Capital Management acquired a Glendale apartment community, Casa Bellisima, the firm’s first Phoenix buy. Casa Bellisima is part of Monument Capital Management’s seventh acquisition for the firm’s Monument Opportunity Fund III, which launched last year. Capital Management’s sister company, Monument Real Estate Services, will manage the property. The property… Read More →

Sun King apartment complex sells for $35.1 million

Sun King apartments include an oversized pool area with a refreshed swimming pool and spa. (Photo courtesy of Institutional Property Advisors)
by in AZRE Magazine | Multi-Family

Institutional Property Advisors (IPA), a Marcus & Millichap division that works with investors, is finished the sale of Sun King, a 360-unit apartment property in Scottsdale, Arizona. Baron Properties purchased the property from CRS Scottsdale Housing Corporation in the $35.1 million deal, which equates to $97,500 per unit. “Completed in 1973, this asset was held and operated by… Read More →

Paradise Valley welcomes first 3-story residential building

Mountain Shadows
by in AZRE Magazine | Multi-Family

Paradise Valley will soon have its first three-story residential buildings available from $840,000 to $4.1 million, after the completion of the Mountain Shadows Resort Condominiums next year. Westroc Hospitality and Woodbine Development are developing studio, one- and two- bedroom floor plans slated to be completed at the resort in September 2017. Mountain Shadows is a… Read More →

$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

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 →