Multi-Family Archives

Apartments along Washington Street sell for $25M

Apartments along Washington Street
by in AZRE Magazine | Multi-Family

A luxury apartment community along Washington Street, near the Red Mountain Loop 202 Freeway, sold for $25 million to Denver-based Capital Real Estate, according to the brokers on the deal. NMS Property Services sold the 180-unit apartment complex, Mandarina Luxury Apartment Homes, and ORION Investment Real Estate represented both the buyer and seller in the… Read More →

Tempe apartments on Baseline sell for $16.35M

Tempe Apartments Sevilla
by in AZRE Magazine | Multi-Family

Sevilla, a 169-unit apartment complex at 1145 W. Baseline Rd., Tempe, sold for $16.35 million to Deleware-based Capital Real Estate LLC, according to Berkadia, the brokerage firm on the deal. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff of the Berkadia Phoenix office exclusively listed the property… Read More →

Report: Average Phoenix rents reach new high

Phoenix rents multifamily
by in AZRE Magazine | Multi-Family

Phoenix’s average rent reached a new high this past February at $976 compared to 2016’s February average rent at $935, according to Axiometrics an apartment and student housing analytics firm. The Phoenix annual effective rent growth for February is at 4.4 percent, with a 94.6 percent occupancy rate in Phoenix, according to the report. The… Read More →

Apartments near Alma School Road sell for $20M

Apartments near alma school road
by in AZRE Magazine | Multi-Family

Fiesta Park Apartments at 1033 S. Longmore Rd. has been sold for $20 million. A California-based real estate company acquired the property to expand its portfolio of apartment communities in the Phoenix area. The property consists of 10, three-story apartment buildings that contain 320 units totaling 234,696 square feet. Situated on 8.8 acres of land,… Read More →

Apartments near Metrocenter sell for $14.35M

Apartments near Metrocenter
by in AZRE Magazine | Multi-Family

A 224-unit Phoenix apartment community near Metrocenter Mall was sold by Pacific Real Estate Partners Inc. to Dalan Management for $14.35 million, according to Marcus & Millichap, which worked on the deal. The apartment community, Sterling on 28th, is situated on 8.09 acres, includes one, and two-bedroom/two-bath apartments with fully equipped kitchens, large pantry spaces, ceiling fans,… Read More →

The Highlands in Scottsdale sell for $48.5M

The Highlands
by in AZRE Magazine | Multi-Family

A 272-unit Scottsdale multifamily community was sold by its California-based owners to another California-based firm for $48.5 million, according to CBRE, which worked on the deal. The Highlands, a garden-style community with one, two and three-bedroom floor plans, was bought by Newport Beach-based Olen Properties from Irvine-based Bascom Group. Bascom Group was represented by Tyler Anderson, Sean… Read More →

Tempe apartments on Hardy sell for $840k

Tempe apartments on Hardy
by in AZRE Magazine | Multi-Family

Situated on the southeast corner of Second Street and Hardy Drive, just East of Mill Avenue in a prime Tempe location, Hardy Apartments sold for $840,000, or $93,333 per unit ($38.10 per land SF). The sale included 8 one-bedroom/one-bath units, and a single-family three-bedroom/one bath home. The property sits on just over one-half of an… Read More →

Capital firm buys Chandler apartments for $28.75M

Chandler apartments
by in AZRE Magazine | Multi-Family

Capital Real Estate purchased a 203-unit Chandler apartment complex for $28.75 million from Stratford Partners, according to Institutional Property Advisors (IPA), a division of Marcus & Millichap. Palm Trails Apartments were built in 2002 by CMH Corp., and is located at 235 E. Ray Rd., in Chandler. The price for the apartment community equates to $141,626 per… Read More →

Un-finished Scottsdale townhome development sells for $1M

Scottsdale Townhome
by in AZRE Magazine | Multi-Family

A townhome development near the heart of Scottsdale was sold for $1,000,000 to Scottsdale-based LNR Holdings LLC, according to ORION Investment Real Estate. The development, located at 70th Street and Earll Drive, contains a home and a duplex, which were vacant at the close of escrow. ORION represented the sellers, 70th St. And Earll Townhomes LLC, and … Read More →

Gilbert apartment complex joins ‘smart home’ movement, but will the trend take off?

smart home
by in AZRE Magazine | Multi-Family

The apartments at Vistara at San Tan Village look like many other “luxury” units available in the Valley with its granite countertops and walk-in closets. But step inside one of the Gilbert complex’s apartments, and you can control the thermostat, turn on the lights, lock the door and blast music with the press of a… Read More →

CoStar launches 1st Spanish apartment-listing site

by in AZRE Magazine | Multi-Family

CoStar Group, Inc. (NASDAQ: CSGP) has launched the nation’s only exclusively Spanish apartment-listing site, Apartamentos.com. Built and tailored to meet the needs Spanish language households in the U.S., Apartamentos.com is the newest addition to the Apartments.com 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 →