Multi-Family Archives

Berkadia secures $29.7M for Phoenix multifamily property

Berkadia announced the sale of the 152-unit Park 28 Apartments, a new luxury multifamily community located in Phoenix. Senior Managing Director Mark Forrester, Senior Managing Director Ric Holway and Senior Director Dan Cheyne closed the $29.7 million sale on behalf of the seller, an entity of Evergreen Development Company. The buyer was Pure US Apartments… Read More →

ABI brokers $9.1M sale of a multifamily community near GCC

by in AZRE Magazine | Multi-Family

ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, announced the $9,100,000 / $58,333 per unit sale of the Cambridge Square Apartment Homes, a 156- unit apartment community located in Glendale, Arizona. The property features (7) three-story buildings, built of frame/stucco construction in 1984 and rests on approximately 4.32 acres. Cambridge Square… Read More →

San Portales opening at former Rawhide site in Scottsdale

by in AZRE Magazine | Multi-Family

With its new San Portales multifamily development opening this fall in the desert foothills of north Scottsdale, Mark-Taylor has created a distinctive living experience that is targeted to a older demographic, with enormous rental units, direct-access two-car garages and elevators located throughout the development. As part of the Silverstone at Pinnacle Peak master plan – the site… Read More →

IPA brokers $77 million apartment asset sale in Tempe

by in AZRE Magazine | Multi-Family

Institutional Property Advisors (IPA) announced the sale of Onnix, a 659-unit apartment property in Tempe, Arizona. The $77,050,000 sales price equates to $116,920 per unit. “The physical improvements made to Onnix, its excellent location and tremendous scale place the property in an enviable position within the competitive landscape of Tempe,” says Cliff David, senior managing… Read More →

Ocotillo Springs in Chandler sells for $40 million

by in AZRE Magazine | Multi-Family

On behalf of San Francisco-based Fowler Property Acquisitions, LLC, Cushman & Wakefield recently negotiated the purchase of Ocotillo Springs, a 272-unit community located at 825 West Queen Creek Road in Chandler, Ariz., for $40.5 million. Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the buyer. The seller… Read More →

Fenix Development breaks ground on Tempe project

Fenix Development, a Los Angeles-based real estate investment and development company, has broken ground on Phase I of The Watermark | Tempe at the north bank of Tempe Town Lake. Phase I, of the 1.9 million-square-foot mixed-use development, will include 250,000 square feet of premium Class A office space, 44,000 SF of high-end restaurant and boutique retail service… Read More →

Midtown apartments, Club 7, sell for $19M

Club 7
by in AZRE Magazine | Brokerage | Multi-Family

Club 7 Apartments, a 219-unit, urban infill multifamily community at 3030 N. 7th St., Phoenix, sold for $19,000,000 or $86,758 per door. Lee & Associates brokers Todd Braun, principal, and Bryson Fricke, associate sold the property on behalf of Oregon-based 3030 North Equity LLC. The sought after property was in high demand with multiple offers.… Read More →

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 →