Multi-Family Archives

Optima Kierland opens to highly receptive market

Optima Kierland
by in AZRE Magazine | Multi-Family

The $500 million project, Optima Kierland, a high-rise luxury condominium community in the North Scottsdale Kierland neighborhood, has opened for sales to a highly receptive market. Optima Kierland, situated on 9.5 acres at Scottsdale Road and Kierland Boulevard, showcases signature Optima architecture design aesthetics with lush vertical gardens, floor-to-ceiling glass allowing unencumbered desert and mountain… Read More →

TruAmerica bolsters portfolio with Tempe buy

TruAmerica
by in AZRE Magazine | Multi-Family

In one of the largest apartment transactions this year in Phoenix, TruAmerica Multifamily and institutional capital partner Investcorp have acquired Little Cottonwoods, a 379-unit multifamily community in Tempe for $56.7 million.         This is the third and largest multifamily investment in the Phoenix area for TruAmerica and its fourth joint venture with Investcorp in… Read More →

How to boost curb appeal for a multifamily property

Condos

Consider these two scenarios: A: You are a tenant, and looking for a multifamily property. You visit a unit that has great interiors. However, outside, the walkway seems a bit shabby (uneven), the landscaping is not that green, the paint of the building has peeled off, masonry looks weathered and unclean, and the entrance door… Read More →

Bullhead City apartments sell for $8.95M

Bullhead City apartments
by in AZRE Magazine | Multi-Family

Colliers International in Greater Phoenix negotiated the sale of Silver Cliffs Apartment Homes at 1570 Paseo Grande in Bullhead City, Arizona, for $8.95 million or $55,590 per unit. Colliers International’s executive Vice Presidents Bill Hahn, Jeff Sherman and Trevor Koskovich represented both the seller and buyer. The seller was Thompson Corporation of Brookfield, Wisconsin. The… Read More →

Colliers negotiates $4.6M multifamily sale

Villas at Montebella in Peoria, Arizona (Photo provided by Colliers International)
by in AZRE Magazine | Multi-Family

Colliers International in greater Phoenix negotiated the sale of Villas at Montebella, a 100-unit apartment asset at 10860 N. 85th Ave. in Peoria, Arizona, for $4.6 million or $46,000 per unit. Executive Vice Presidents Bill Hahn, Jeff Sherman and Trevor Koskovich with Colliers represented both the seller and buyer. The seller was WE Villas at Montebella… Read More →

More than half of condos at En Hance Park sold

en Hance Park
by in AZRE Magazine | Multi-Family

One of the first condo projects slated to open in downtown Phoenix since the downturn is illustrative of a hot market on the horizon. en Hance Park Condominiums, near Portland and First Streets, is a 59,000-square-foot condominium project in downtown Phoenix, and has already sold 50 percent of its 49 units with four months left of… Read More →

Construction begins at $40M Edison Midtown

Edison Midtown
by in AZRE Magazine | Multi-Family

Edison Midtown, a new Midtown Phoenix condominium tower by Scottsdale-based developer Deco Communities is blazing ahead with construction to meet the growing demand from all over the Valley for new for-sale residential in Midtown Phoenix. With dozens of buyers already lined up to move in, the project is on track for an early spring 2017 completion.… Read More →

Mesa apartments sell for $27.25M

Mesa apartments
by in AZRE Magazine | Multi-Family

Berkadia announced the recent sale of Valencia Crossing, a multifamily property located in Mesa. The $27.25 million sale – completed on April 8 – reflected a per-unit price of $68,640. Valencia Crossing is located at 111 N. Gilbert Rd., near U.S. Route 60 and Loop 202. It is less than five miles from Hohokam Stadium, spring… Read More →

29th Street Capital acquires 5th Valley property

RidgeViewApts
by in AZRE Magazine | Multi-Family

29th Street Capital (29SC), a privately-held real estate investment and advisory firm, in conjunction with Clear Sky Capital, has acquired Ridge View Apartments, a 150-unit apartment complex in Fountain Hills, Arizona.  29SC’s strategy is to invest $810,000 worth of renovations to significantly upgrade the interiors and to enhance the exteriors of the property.  “This is… Read More →

JPI Companies acquires 10.79 acres for $11.28M

Rendering of the project on Chandler Blvd. & McClintock Rd.
by in AZRE Magazine | Multi-Family

Cushman & Wakefield announced Wednesday that JPI Companies acquired a ±10.79 acre permit-ready, 283-unit multifamily development site at the northeast corner of Chandler Boulevard and McClintock Road in Chandler for $11.28 million, $39,859 per unit. Cushman & Wakefield Executive Managing Directors Steven Nicoluzakis and David Fogler of the Phoenix office represented JPI Companies of Irving, Texas… Read More →

Sonoma Terrace apartments sell for $15M

Sonoma Terrace Apartments
by in AZRE Magazine | Multi-Family

Colliers International in Greater Phoenix completed the sale of the Sonoma Terrace apartments at 5220 W. Northern Ave., in Glendale, Arizona, for $15.35 million or approximately $59,038 per unit. Executive Vice Presidents Trevor Koskovich, Bill Hahn and Jeff Sherman, with Colliers’ Phoenix office, represented both the seller and buyer. The seller was Mentor Properties, Inc., of… Read More →

118-unit infill development opens in Phoenix this summer

Infill development
by in AZRE Magazine | Multi-Family

Downtown Phoenix will see another multifamily property rise from the ashes of a decades-old building this summer. Proxy333, located at 333 E. McKinley St., immediately west of the Biomed campus, is being co-developed by Scottsdale’s Tilton Development Company and Seattle-based Goodman Real Estate. The 118-unit, six-story urban infill project is scheduled to open for occupancy this summer. While… Read More →

P.B. Bell opens new luxury apartments (Photos)

Escape
by in AZRE Magazine | Multi-Family

P.B. Bell opened its newest community, Escape, near Highland Avenue and 16th Street in Phoenix in late March. The community is located near the Biltmore and Esplanade shopping and nightlife areas, featuring 244 luxury apartment homes in a resort-style setting featuring an urban, contemporary aesthetic.   The four-story, interior corridor community wraps around an expansive, posh pool,… Read More →

Pathfinder Partners acquires 90 Phoenix condos

Pathfinder Partners
by in AZRE Magazine | Multi-Family

Expanding its Arizona multifamily portfolio, San Diego-based Pathfinder Partners LLC acquired 90 units in Aderra Condominiums – a 312-unit upscale community at 11640 N. Tatum Blvd. in the exclusive Paradise Valley neighborhood of Phoenix – for $15 million. According to Lorne Polger, senior managing director of Pathfinder Partners, his firm acquired the condos in a bulk transaction from Real Capital… Read More →