Multi-Family Archives

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 →

Homebuilder pays $3.5M for 18 acres in sought-after submarket

Cushman & Wakefield announced that CRG Financial Partners, LLC sold 18.1 acres at the southeast corner of Loop 303 and El Mirage Road in Maricopa County for $3.5 million to Scottsdale-based AV Homes of Arizona, LLC. Brian Rosella of Cushman & Wakefield represented the seller. AV Homes of Arizona, the developer and builder of active… Read More →

AMA Tribute Awards honors multifamily communities and leaders

Aspera

Each year, the Arizona Multihousing Association brings apartment industry leaders together for one night at its annual Tribute Gala to celebrate the successes of the teams, individuals, volunteers and communities that are best in class. Last night, a sold-out crowd of 1,400 industry leaders gathered for the annual Tribute Awards gala to learn who would… Read More →

Watt Communities sees domino effect of success

Watt Communities of Arizona today announced that it has reached 100 percent sold out at Dorsey Lane, the residential townhome community near downtown Tempe that marked the company’s entrance into Arizona’s upscale urban infill housing market. Today, Watt’s presence has expanded into a $73 million project pipeline, with six properties either under construction or now… Read More →

Report: Phoenix multifamily market marks stellar first quarter

Multifamily

The Phoenix metropolitan statistical area (MSA) multifamily market had another stellar first quarter fueled by both robust jobs and population growth. In fact, Maricopa overtook Texas’ Harris County as top spot for population growth adding 81,000 people, an average of 222 new residents per day, between July 1, 2105 to July 1, 2016. Total nonfarm employment… Read More →

Tempe apartment complex sold for $9M

Tempe apartment
by in AZRE Magazine | Brokerage | Multi-Family

A 100-unit Tempe apartment complex, Parkside Apartments, was sold to a California-based firm for $9 million, according to Cushman & Wakefield. The apartment complex is located near Broadway Road and Priest Drive at 1801 S. Cutler Dr. In Tempe and was sold by Clear Sky Capital Parkside to Devistar II Properties LLC. Cushman & Wakefield Executive… Read More →

Washington investor buys Glendale apartments for $19.5M

Glendale apartments
by in AZRE Magazine | Brokerage | Multi-Family

An apartment community near Luke Air Force Base in Glendale was purchased by a Washington-based investor for $19,500,000, according to Colliers International, the brokerage firm that worked on the deal. Desert Gardens V LLC, an Arizona limited liability company sold the Desert Gardens apartment complex to Del Marco LLC, a Washington limited liability company. The complex is… Read More →

Midtown Phoenix apartment complex sells for $17.5M

Midtown Phoenix apartment
by in AZRE Magazine | Multi-Family

Midtown Phoenix apartment complex, Clarendon Park, sold for $17.5 million to Phoenix-based Rincon Partners LLC, according to Cushman & Wakefield. Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the buyer of  the 138-unit complex located at 222 W. Clarendon Ave., near Third Avenue and Indian School Road. Built in 2002, Clarendon Park offers… Read More →

Apartments along Washington Street sell for $25M

Apartments along Washington Street
by in AZRE Magazine | Multi-Family

A luxury apartment community along Washington Street, near the Red Mountain Loop 202 Freeway, sold for $25 million to Denver-based Capital Real Estate, according to the brokers on the deal. NMS Property Services sold the 180-unit apartment complex, Mandarina Luxury Apartment Homes, and ORION Investment Real Estate represented both the buyer and seller in the… Read More →

Tempe apartments on Baseline sell for $16.35M

Tempe Apartments Sevilla
by in AZRE Magazine | Multi-Family

Sevilla, a 169-unit apartment complex at 1145 W. Baseline Rd., Tempe, sold for $16.35 million to Deleware-based Capital Real Estate LLC, according to Berkadia, the brokerage firm on the deal. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff of the Berkadia Phoenix office exclusively listed the property… Read More →

Report: Average Phoenix rents reach new high

Phoenix rents multifamily
by in AZRE Magazine | Multi-Family

Phoenix’s average rent reached a new high this past February at $976 compared to 2016’s February average rent at $935, according to Axiometrics an apartment and student housing analytics firm. The Phoenix annual effective rent growth for February is at 4.4 percent, with a 94.6 percent occupancy rate in Phoenix, according to the report. The… Read More →

Apartments near Alma School Road sell for $20M

Apartments near alma school road
by in AZRE Magazine | Multi-Family

Fiesta Park Apartments at 1033 S. Longmore Rd. has been sold for $20 million. A California-based real estate company acquired the property to expand its portfolio of apartment communities in the Phoenix area. The property consists of 10, three-story apartment buildings that contain 320 units totaling 234,696 square feet. Situated on 8.8 acres of land,… Read More →

Apartments near Metrocenter sell for $14.35M

Apartments near Metrocenter
by in AZRE Magazine | Multi-Family

A 224-unit Phoenix apartment community near Metrocenter Mall was sold by Pacific Real Estate Partners Inc. to Dalan Management for $14.35 million, according to Marcus & Millichap, which worked on the deal. The apartment community, Sterling on 28th, is situated on 8.09 acres, includes one, and two-bedroom/two-bath apartments with fully equipped kitchens, large pantry spaces, ceiling fans,… Read More →

The Highlands in Scottsdale sell for $48.5M

The Highlands
by in AZRE Magazine | Multi-Family

A 272-unit Scottsdale multifamily community was sold by its California-based owners to another California-based firm for $48.5 million, according to CBRE, which worked on the deal. The Highlands, a garden-style community with one, two and three-bedroom floor plans, was bought by Newport Beach-based Olen Properties from Irvine-based Bascom Group. Bascom Group was represented by Tyler Anderson, Sean… Read More →