Multi-Family Archives

Phoenix multifamily market hits strongest level in 10 years

Capital Place, Downtown Phoenix
by in AZRE Magazine | Multi-Family

Colliers International in Greater Phoenix released its mid-year 2016 Multifamily Statistics, which reports that the past three months were the strongest quarter in 10 years for property sales. The multifamily market is expected to continue its improvement during the second half of the year. Investment activity reached its highest point since 2007 this past quarter… Read More →

Colliers negotiates $5.45M west Phoenix apartment sale

by in AZRE Magazine | Brokerage | Multi-Family

Colliers International of Greater Phoenix negotiated the $5.45 million sale of Bella Rio Apartments at 4903 W. Thomas Rd. in West Phoenix. The property was sold to a local investor who is adding the development to his existing portfolio of local apartment projects. “Bella Rio is a perfect example of a property purchased to take… Read More →

ABI Multifamily negotiates Biltmore Corridor sale

ABI Multifamily
by in AZRE Magazine | Brokerage | Multi-Family

Brokerage firm ABI Multifamily negotiated the $6,045,000 ($118,529/Unit) sale of the 18 at Biltmore Apartments, a 51-unit apartment community located in Phoenix, Arizona. 18 at Biltmore is a low density, one and two-story apartment community built from 1957 to 1962 of concrete construction and sits on approximately 3.5 acres of land. The property consists of… Read More →

Meridian arranges $14.5M in financing for Phoenix property

by in AZRE Magazine | Multi-Family

New York-based Meridian Capital Group arranged $14.5 million in permanent financing for the refinance of a multifamily property located in Phoenix. The ten-year loan, provided by a national CMBS lender, features a fixed rate of 5.20 percent and two years of interest-only payments. This transaction was negotiated by Meridian Vice President Aaron Stempel, who is… Read More →

Berkadia sells Mesa apartments for $12.5M

Mesa apartments
by in AZRE Magazine | Multi-Family

Berkadia negotiated the $12.5 million sale of Superstition Villas, a multifamily property located in Mesa. Senior Managing Director Mark Forrester, Managing Director Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff of the Phoenix office negotiated the transaction, which closed on July 1. Arizona-based MRI Saddlehorn Superstition Investment Fund, LLC sold the property, and… Read More →

$34.35M apartment community sold by IPA

Apartment community
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, negotiated the sale of Whispering Meadows a 432-unit apartment property in Mesa. The $34.35 million sales price equates to nearly $80,000 per unit. Community amenities at Whispering Meadows include two resort-style swimming pools, a colorful clubhouse,… Read More →

29th Street Capital expands Phoenix office

Chandler Apartments
by in AZRE Magazine | Multi-Family

Christine Mueller joined 29th Street Capital (29SC) as an associate focusing on Phoenix, Las Vegas and San Diego. Mueller is responsible for all facets of the privately-held real estate investment and advisory firm’s asset management strategies and will be vital piece of the multifamily acquisition platform including assisting 29SC expand into the San Diego market Formed… Read More →

CBRE negotiates $80.9M Scottsdale apartment sale

by in AZRE Magazine | Multi-Family

CBRE finalized the sale of Scottsdale Springs, a 644-unit multifamily community located in Downtown Scottsdale at 7791 E. Osborn Rd. The property sold for $80.9 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, New York-based Abacus Capital Group. The buyer was Los Angeles-based… Read More →

Cohen Financial secures financing for 2 properties

Cohen Financial
by in AZRE Magazine | Multi-Family

Neal Churney, CCIM, managing director of Cohen Financial, a national real estate capital services firm,  secured two separate acquisition loans, totaling $7.63 million for two multifamily properties in Phoenix. Both properties are fully leased, and the transactions closed in June. Cohen Financial secured a $5.95 million loan with a regional bank for the Palm Desert Apartments, a… Read More →

Newmark Realty Capital arranges financing for 180-unit property

Newmark Realty Capital
by in AZRE Magazine | Multi-Family

Newmark Realty Capital, Inc. arranged acquisition financing in the amount $15,371,500 secured by a 180-unit multifamily property located in Chandler. The property was originally built in 1986 and recently received some improvements. The new buyer intends to make additional improvements to the property which will help them increase rental rates. Adam Parker, principal, arranged the permanent… Read More →

CBRE completes $42.65M sale of apartment communities

by in AZRE Magazine | Brokerage | Multi-Family

CBRE finalized the sale of Highland Park and Park View, two multifamily communities totaling 472 units and located in Tempe. Together, the properties sold for $42.65 million. A joint venture sponsored by Scottsdale-based Everest Holdings purchased the communities from San Diego-based Stratford Partners. Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch negotiated the transaction with CBRE’s… Read More →

Goodyear RV resort sells for $6.15M

by in AZRE Magazine | Multi-Family

The NAI Horizon team of Russell and Andrew Warner represented the seller in the $6.15 million sale of Destiny Phoenix RV Resort at 416 N. Citrus Rd., in Goodyear. NAI Horizon represented Destiny-Phoenix West LLC, and the buyer was Walter Johnston. Destiny Phoenix RV Resort features 284 paved RV sites, a heated pool and spa,… Read More →

First Vistancia rental community opens

by in AZRE Magazine | Multi-Family

Luxury rental home developer, BB Living opened its newest for-lease neighborhood in the award-winning Vistancia master plan. The neighborhood features 134 well-appointed townhomes in Acacia Grove in The Village at Vistancia and offers three- and four-bedroom with two-and-a-half baths starting in the $1,300s per month. A first of its kind rental home option at Vistancia, BB… Read More →

CBRE sells Courtney Village Apartments for $45.5M

Courtney Village
by in AZRE Magazine | Multi-Family

CBRE completed the sale of Courtney Village, a 368-unit multifamily community located at 4848 E. Roosevelt St. in Phoenix, Arizona. The property sold for $45.5 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, California-based PASSCO. The buyer was Denver-based Continental Realty Advisors. Developed in 2002,… Read More →