Multi-Family Archives

Phoenix boutique apartment sells for $1.65M

Boutique apartment
by in AZRE Magazine | Multi-Family

Brian Smuckler and Jeff Seaman of CBRE’s Multifamily Investment Group completed the $1.65 million sale of The Carolina, an 18-unit boutique apartment community in Central Phoenix. The Carolina is located at 512-524 E. Mariposa St. in Central Phoenix. The buyer was KWA Properties Arizona 2 LLC of Seal Beach, California. The seller, Clear Sky Capital II LLC… Read More →

Multifamily Pavilions at Arrowhead sells for $31.6M

sold
by in AZRE Magazine | Multi-Family

Institutional Property Advisors (IPA) announced the $31.6 million sale of The Pavilions at Arrowhead, a 248-unit multifamily community located near 75th Avenue and the Loop 101, a 4,200-acre master-planned community in Glendale. “Operational momentum, supported by excellent submarket fundamentals, has laid the groundwork for the new owner to capitalize on significant loss-to-lease burn-off during the first year of… Read More →

ENVY Residences set for spring completion

Envy Residences
by in AZRE Magazine | Multi-Family

The $47 million ENVY Residences condominium tower in Old Town Scottsdale, near Scottsdale and Camelback Roads is on track to open in late spring. Developed by Deco Communities, the residential project will bring 89 high-end residences to the heart of Scottsdale’s arts, entertainment and nightlife mecca. The building will celebrate its grand opening and welcome the first… Read More →

$57M Downtown Phoenix apartments to open in February

Downtown Phoenix Apartments
by in AZRE Magazine | Multi-Family

Two Phoenix apartment complexes near Washington and 12th Streets will have a public grand opening on Feb. 25. Phoenix Mayor Greg Stanton will commemorate the grand opening of Capital Place, a $57 million 292-unit apartment complex. The open house event will showcase the new project and highlight downtown living. In partnership with neighboring businesses, the… Read More →

$50M Easy Street project coming to Carefree

Easy Street
by in AZRE Magazine | Multi-Family

A $50 million, exclusive condominium project, Easy Street, is coming to Carefree with plans to break ground in June to be finished by the Fall of 2017. Easy Street will feature 44 luxurious, amenity-stocked condos ranging in price from $600,000 to $2,500,000.  The project features some of Arizona’s most scenic mountain views and a resort-level… Read More →

CBRE completes $24.35M sale of Gilbert apartments

123rf.com: feverpitched
by in AZRE Magazine | Brokerage | Multi-Family

CBRE  completed the sale of Cambria, a 174-unit apartment community located at 130 W. Guadalupe Road in Gilbert, for $24.35 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. “Cambria is a well-located asset in highly desirable Downtown Gilbert,” Cunningham said. “The buyer was able to purchase… Read More →

CBRE completes $33.6M sale of Tucson apartments

sold
by in AZRE Magazine | Brokerage | Multi-Family

CBRE has completed the sale of Centrepoint, a 320-unit multifamily community located at 3220 West Ina Rd in Tucson, for $33.6 million. The complex was 96 percent occupied at the time of sale. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office, along with Mike Sandahl with the firm’s Tucson office,… Read More →

IPA sells Tempe multifamily property for $16.6M

Sold Sign
by in AZRE Magazine | Brokerage | Multi-Family

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, announced the sale of Cabana on McClintock, a 181-unit multifamily property in Tempe for $16.6 million. IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Deco Communities,… Read More →

Marcus & Millichap sells 92-unit apartment property

sold
by in AZRE Magazine | Brokerage | Multi-Family

A commercial real estate investment services firm, Marcus & Millichap (NYSE: MMI), arranged the sale of Sora on Rose, a 92-unit Phoenix apartment, for $7,850,000. Recently, 24 of the apartments had been remodeled with new cabinets and counter tops along with wood-style vinyl flooring. The apartment complex has covered parking, a swimming pool, and a… Read More →

SanTan Brewery releases new brew inspired by community

beer
by in AZRE Magazine | Multi-Family | New to Market

SanTan Brewery’s newest beer, Steelyard Lager, is inspired by the culture of Wood Partners’ newest community, Alta Steelyard Lofts, which is just a short walk from SanTan’s brewpub in downtown Chandler. The beer is crisp and clear, reflecting the modern and dynamic personality of Alta Steelyard Lofts, and the local community. The 5.5 percent alcohol… Read More →

Passco Companies buys Scottsdale complex for $52.525M

Luxe Scottsdale
by in AZRE Magazine | Brokerage | Multi-Family | New to Market

Passco Companies, LLC acquired a 218-unit multifamily community for $52.525 million in Scottsdale. Passco named the community , Luxe Scottsdale, and it is located at 8444 E. Indian School Rd. The property was built in 2015, and it features a pool area with spa, two-story clubhouse with walk-out deck overlooking the pool, 24-hour fitness center… Read More →

Central Corridor complex sells for $2.75M

West Glen

ORION Investment Real Estate sold West Glen, a one- and two-story apartment community located at 911 & 917 West Glendale Avenue in Phoenix, for $2,750,000 ($72,368/unit). Constructed in 1954, 1959 and 1963, West Glen is comprised of 38 rental units, which includes a single-family residential home. The property is located in the Central Corridor of Phoenix,… Read More →

Colliers International purchases three multifamily complexes

123rf.com: feverpitched

West Glen LLC, Yotam Shochat, principal, paid $2,750,000 ($72,368 per unit) to buy the 38 unit West Glen apartments located 911 & 917 W. Glendale Avenue in Phoenix, Arizona. The seller was a limited partnership formed by Mentor Properties, Calum DeSouza, principal. The deal was brokered through Bill Hahn, Jeff Sherman and Trevor Koskovich (HSK)… Read More →

Cohen Financial secures $10M acquisition loan

5 C's of Credit

Cohen Financial’s Neal Churney, CCIM, Managing Director of Cohen Financial’s Phoenix office, has secured a $10.335 million acquisition loan for the Villa Del Sol Apartments, a 320 unit multifamily property located in the Southwest Valley area of Phoenix, Arizona. Villa Del Sol is currently 97 percent leased. Mr. Churney arranged the loan with Mutual of Omaha… Read More →