Multi-Family Archives

CoStar launches 1st Spanish apartment-listing site

Morningside Apartments Pic 1
by in AZRE Magazine | Multi-Family

CoStar Group, Inc. (NASDAQ: CSGP) has launched the nation’s only exclusively Spanish apartment-listing site, Built and tailored to meet the needs Spanish language households in the U.S., is the newest addition to the network of sites – the most trafficked apartment listing network in the industry, providing the largest choice of inventory.… Read More →

Queen Creek apartments sell for $22.65M

Queen Creek Apartments

The Town Center Apartments in Queen Creek, a Class A garden-style community, sold for $22,650,000 to  Laguna Point Properties LLC by K and M Development #1 LLC, according to the brokerage firm that worked on the deal. The apartment community is a two and three story garden-style community, which was built in 2009 on 10.52 acres of land.… Read More →

$47.159M loan secured for luxury Mesa apartments

luxury mesa apartments
by in AZRE Magazine | Multi-Family

A $47,159,000 United States Department of Housing and Urban Development (HUD) 221(d)(4) new construction loan was originated by Walker & Dunlop Inc. for Aviva, a luxury Mesa apartment project. Housing Trust Group, based in Coconut Grove, Florida is the borrower and Aviva marks the first project for the firm in the Arizona market. The project, located at 8350… Read More →

29th Street Capital acquires The Standard Apartments in Tempe

29th Street Capital
by in AZRE Magazine | Multi-Family

The Standard Apartments in Tempe, was purchased by real estate investment firm 29th Street Capital, which plans to invest $1.8 million in renovations for the complex. The 227-unit complex is located at 616 S. Hardy Dr., in Tempe, and will receive upgrades to its interiors and the exterior by 29th Street Capital. This is the seventh acquisition… Read More →

First “smart home” apartments in Arizona coming to Gilbert

Smart home
by in AZRE Magazine | Multi-Family

Developers of an upcoming Gilbert multifamily project say it will be the first apartment community to offer remote, mobile-device enabled technology to residents, making the apartments “smart homes.” Cisterra LLC is developing Vistara at SanTan Village, which will offer remote control locks, temperature and lighting to its residents who will be able to control these home features… Read More →

Report: Phoenix posts $4.97 billion in apartment sales in 2016

by in AZRE Magazine | Multi-Family

By all accounts, the Phoenix MSA multifamily market had an absolute banner 2016 investment year fueled, in large part, by both robust jobs and population growth. On the jobs front, Phoenix area economic development officials worked overtime in luring a whole host of corporate/regional office relocations, tech/manufacturing company openings and existing business expansions. Top job… Read More →

2017 Outlook: Multifamily looking steady

The Opus Group began construction on the two residential towers late last year. (Rendering courtesy of The Opus Group)

Vacancy rates remain low despite the ongoing delivery of new high-end multifamily units. As long as vacancy remains in check, the multifamily market will remain strong in the Valley, which reports the average volume and sale price per unit is higher than 2007’s peak. Metro Phoenix set a new record for multifamily last year for… Read More →

Apartments near I-17 in Phoenix sell for $19M

apartments near I-17
by in AZRE Magazine | Multi-Family

Solano Terrace Apartments at 4715 N. Black Canyon Highway was sold to a California investor for $19 million, according to Colliers International. “This property offered a unique opportunity close to the major transportation sources of Interstate 17 and Light rail,” says Bill Hahn, executive vice president with Colliers International in Greater Phoenix. “The community is… Read More →

16-unit Phoenix apartment complex sells for $2.463M

Phoenix apartment complex
by in AZRE Magazine | Multi-Family

Haven, a 16-unit Phoenix apartment near Maryland and Central Avenues, sold for $2,463,158 or $153,947 per unit, according to Marcus & Millichap, the firm that worked on the deal. The apartments were updated in 2016, and are located in the Uptown Phoenix corridor at 6501 N. 3rd Avenue, Phoenix, Ariz. Brian Tranetzki and Rich Butler, multifamily investment… Read More →

Apartments near SkySong sell for $20.85M

Apartments near SkySong
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, completed the sale of Dwell Apartment Homes, a 193-unit apartment property in Scottsdale, Arizona. The $20.85 million sales price equates to $108,031 per unit. “Built in two phases by Wonderbowl Inc. in 1963 and W.R. Schulz &… Read More →

CBRE completes sale of 2 Avondale apartments

by in AZRE Magazine | Multi-Family

CBRE completed the sale of Mirabella and 3800 Lux, two adjacent multifamily communities totaling 715 units. The two Class A communities are located at 3800 N. El Mirage Rd. in Avondale. The buyer was Priderock Capital Management and the seller, FPA Multifamily, was represented by Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with… Read More →

Investment firm enters Arizona market with Glendale apartment buy

Glendale apartment
by in AZRE Magazine | Multi-Family

Florida-based real estate investment firm Monument Capital Management acquired a Glendale apartment community, Casa Bellisima, the firm’s first Phoenix buy. Casa Bellisima is part of Monument Capital Management’s seventh acquisition for the firm’s Monument Opportunity Fund III, which launched last year. Capital Management’s sister company, Monument Real Estate Services, will manage the property. The property… Read More →

Sun King apartment complex sells for $35.1 million

Sun King apartments include an oversized pool area with a refreshed swimming pool and spa. (Photo courtesy of Institutional Property Advisors)
by in AZRE Magazine | Multi-Family

Institutional Property Advisors (IPA), a Marcus & Millichap division that works with investors, is finished the sale of Sun King, a 360-unit apartment property in Scottsdale, Arizona. Baron Properties purchased the property from CRS Scottsdale Housing Corporation in the $35.1 million deal, which equates to $97,500 per unit. “Completed in 1973, this asset was held and operated by… Read More →

Paradise Valley welcomes first 3-story residential building

Mountain Shadows
by in AZRE Magazine | Multi-Family

Paradise Valley will soon have its first three-story residential buildings available from $840,000 to $4.1 million, after the completion of the Mountain Shadows Resort Condominiums next year. Westroc Hospitality and Woodbine Development are developing studio, one- and two- bedroom floor plans slated to be completed at the resort in September 2017. Mountain Shadows is a… Read More →