Tag Archives: Asher Gunter

Stone Canyon, Courtesy of CBRE

Stone Canyon sells for $47M

CBRE has completed the sale of Stone Canyon, a 392-unit apartment complex located at 5210 E. Hampton Ave. in Mesa. The multifamily asset sold for $47 million and was 95 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the sellers, a group of tenant-in-common co-owners who were supported throughout their hold period and the sales process by National Asset Services, Inc. (NAS), a Los Angeles-based real estate asset management company. The buyer was Olen Residential Realty Corp. of Newport Beach, Calif.

Karen E. Kennedy, president of NAS commented, “We have worked diligently with the 33 co-owners to drive value on this fantastic investment property, and are delighted to see these co-owners realize their financial objectives at the sale.”

“The Stone Canyon apartments offer an excellent opportunity to purchase an institutional-quality asset well below replacement cost. The asset is located in a submarket that has no new multifamily construction underway with none planned,” said CBRE’s Anderson. “The property has been well maintained and the buyer is in an excellent position to capitalize on a submarket that is expected to post the strongest population growth metro-wide over the next five years.”

Stone Canyon located in the core of Mesa’s employment corridor. The property is surrounded by the largest employers in Mesa, including Banner Gateway Hospital, Banner Baywood Hospital and The Boeing Company, among others. Stone Canyon also offers excellent access to other major local and regional employment corridors throughout the southeast valley with immediate access to the US-60 via Higley Road.

Built in 2000, Stone Canyon features spacious, well-designed floor plans ranging in size from 727 to 1,146 square feet. Units feature nine-foot ceilings, built-in computer desks, walk-in closets, and personal balconies/patios. Community amenities include two resort-style pools, a fitness center, clubhouse and resident lounge, outdoor fire pit with cushioned seating, barbecue grilling stations with entertainment areas, nine-hole putting green, an outdoor water feature, mountain views and gated entrance.

Pinnacle South Mountain, Courtesy of CBRE

Pinnacle South Mountain sells for $63M

CBRE has completed the sale of Pinnacle South Mountain located at 5151 E. Guadalupe Road in Phoenix, Ariz. Pinnacle South Mountain is a luxury apartment community which consists of 552 units. The asset commanded a sale price of $63 million.

Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The buyer was FPA Multifamily of San Francisco, Calif. The seller was Palo Alto, Calif.-based Essex Property Trust.

Pinnacle South Mountain offers investors an excellent opportunity in the highly sought after Ahwatukee master planned community,” said CBRE’s Anderson. “The Ahwatukee area consistently sees some of the highest multifamily demand in the Valley and by implementing an interior upgrade program the buyer has an opportunity to generate significant rental growth and see a solid return on investment.”

Pinnacle South Mountain benefits from proximity to the 16,000-acre South Mountain Park, which offers residents sprawling mountain views as well as lifestyle amenities in the form of hiking and biking trails. The property is also located near Ahwatukee Foothills Town Center, which provides residents more than 1.7 million square feet of retail amenities.

Developed by Trammell Crow and BRE in two phases in 1995 and 1997, Pinnacle South Mountain features both a townhouse and garden design. Units feature nine-foot and vaulted ceilings, full-sized washers and dryers, roman tubs, French doors, wood-burning fireplaces walk-in closets and private patios and balconies with storage. The community benefits include four resort-style swimming pools with spas and poolside cabanas, two 24-hour fitness centers, a resident business center with conference room, sport courts, and barbecue and picnic areas.

Tanque Verde, WEB

Tanque Verde apartments in Tucson sell for $21.3M

CBRE has completed the sale of the Tanque Verde apartment complex, 428-unit multifamily community located at 7671 E. Tanque Verde Road in Tucson, Ariz. The multifamily asset sold for $21.3 million. The property was 94 percent leased at time of sale.

Michael Sandahl and Wyatt Campbell with CBRE’s Tucson office, along with Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office, represented the seller, Holualoa Companies of Tucson. The buyer was North Salt Lake, Utah-based Chartwell Capital Partners, LLC.

Tanque Verde has recently undergone significant capital improvements worth more than $5 million, including a complete re-roofing, master heating and cooling system replacements, and solar systems and water conversation measures designed to make the property as energy efficient as possible,” said CBRE’s Sandahl. “What’s more, a portion of the units have been upgraded with premium finishes. The property offers an exceptional value-add opportunity to increase revenue by continuing the existing and proven interior upgrade program.”

The Tanque Verde apartment complex was developed in two phases, in 1979 and 1981. Thirty-eight units have been upgraded with new appliances, new cabinets, resurfaced countertops, upgraded fixtures, flooring, mirrored closet doors, microwave oven/hoods, and other improvements. Situated in northeast Tucson, the community benefits from the surrounding strong employment base, class A developments and premier housing options offering residents first-class amenities in a highly desirable location.

Tanque Verde also enjoys proximity to numerous amenities, including grocery, banks, restaurants, and other retail services. Morris K. Udall Park, one of the largest and most popular municipal parks in Tucson, is located across the road from Tanque Verde Apartments, and bike trails and abundant recreation are nearby, including Sabino Canyon and the Mt. Lemmon Recreation Area.

Lakeview at SSprings v2, CBRE WEB

Lakeview at Superstition Springs sells for $66.6M

CBRE has completed the sale of Lakeview at Superstition Springs, a 676-unit apartment complex located at 1849 S. Power Rd. in Mesa, Ariz. The multifamily asset sold for $66.6 million. The property was 95 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the institutional seller. The buyer was San Diego, CA-based Fairfield Residential Company LLC.

Lakeview at Superstition Springs offers a great opportunity in the East Valley,” said CBRE’s Cunningham. “The East Mesa/Gilbert submarkets are projected to lead the Phoenix metro in population growth through 2020 with multifamily demand only strengthening over the time frame as well.”

Surrounded by the largest employers and best retail options in Mesa, Lakeview offers an unmatched living environment for residents. The community is within 5 to 10 minutes of Banner Gateway Hospital, Banner Baywood Hospital, The Boeing Company’s Arizona headquarters and the future Apple production facility. Lakeview is also within minutes of Superstition Spings Center and The San Tan Village Mall as well as another 1.6 million square feet of periphery power centers including a Super Walmart, Costco, Best Buy, Target, Harkins 25 Theaters and Home Depot. Additionally, Grand Canyon University is building a 10,000-student campus five miles from the community.

Developed in two phases in 1995 and 1998, Lakeview is an institutionally-maintained class A community located within the Superstition Springs masterplan. The property is situated on 38 acres encompassing five lakes and is comprised of 676 units offering a mix of floor plans that range in size from 660 to 1,314 square feet. Unit features include full-sized washers and dryers, fully-appointed kitchens, walk-in closets and private patios and balconies. Community amenities include four resort-style swimming pools, a resident clubhouse, a 24-hour fitness center, a basketball court, two playgrounds, resident business center and picnic areas with ramadas and BBQ grills.

Sonoran Vista Apartments

California company buys Sonoran Vista Apartments complex

CBRE has completed the sale of the Sonoran Vista apartment community, a 264-unit apartment complex located at 9340 E. Redfield Rd. in Scottsdale, Ariz. The multifamily asset, which is situated in the heart of the north Scottsdale submarket was 95 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, a joint venture of Security Properties of Seattle and an institutional fund managed by Hunt Investment Management, the SEC-registered advisor of the Hunt Companies (Hunt), based in Chicago. The buyer was San Francisco, California-based Aukum Management.

“Sonoran Vista is an extremely well-located asset that offers an excellent value-add opportunity and will continue to benefit from its location in one of the strongest employment corridors in the Valley,” said CBRE’s Cunningham.

Sonoran Vista is located on the eastern border of the Greater Scottsdale Airpark, a major employment hub in the Valley. Encompassing 26 million total square feet of office, retail and light industrial space and including more than 50,000 jobs, the area is home to several world headquarters and large employers. Additionally, last summer KUD International announced its intention to develop a biomedical campus on 225 acres north of the Loop 101 and west of Scottsdale Rd, about five miles away from the multifamily community. That development would bring 10,000 jobs to the area over the next ten years.

Developed in 1996, Sonoran Vista consists of 264 units comprised of a mix of one-, two- and three-bedroom floor plans that feature gourmet kitchens, nine-foot and vaulted ceilings, wood-burning fireplaces, spacious walk-in closets and private patios and balconies. The community offers a resort-style swimming pool with spa and Ramada with BBQ; a designer clubhouse with coffee bar, kitchen, lounge area, and recreation options; a 24-hour fitness center and a resident business center in addition to other amenities.

Symphony Apartments

Symphony Apartments sell for $35.5M

CBRE has completed the sale of the Symphony Apartments, a 234-unit apartment complex located at 2225 W. Frye Rd. in Chandler, Ariz. The multifamily asset commanded a sale price of $35.5 million. The property was 95 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the institutional seller. The buyer was MIG Real Estate of Newport Beach, California.

The Symphony Apartments offer an excellent infill location in the heart of Chandler’s major employment and tech-hub. The property benefits from the strong corporate employment located to the southwest in the Price Road Corridor, as well as its adjacency to Chandler Regional Medical Center,” said CBRE’s Gunter. “Symphony also offers excellent access to neighborhood retail options as well as proximity to Chandler Fashion Center.”

Built in 1999, the Symphony Apartments offers one-, two- and three-bedroom floor plans, nearly half of which have recently undergone significant interior renovations. Community amenities include two resort lagoon-style pools with spa, wood-burning fireplace, veranda with bar seating and televisions, and stainless steel BBQ grills; clubhouse with wet bar, coffee station, and conference room; and complete fitness center including a private yoga room.

Mark Boisclair Photography, Inc.

CBRE completes $65M sale of Parcland Crossing

CBRE has completed the sale of Parcland Crossing, a 383-unit apartment complex located at 800 W. Willis Rd. in Chandler, Ariz. The multifamily community, which sits just south of the 202 Freeway at the northeast corner of Willis and Alma School roads in Chandler, commanded a sale price of $65 million. The property was 93 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Alma School Apartments, LLC, a joint venture between Scottsdale-based Mark-Taylor, Inc. and Phoenix-based Kitchell Development Co. The buyer was PrivatePortfolio Group, LLC of Seattle, Wa.

Parcland Crossing is an extremely well-located asset. Population growth for the one-mile radius around Parcland Crossing has averaged 5.5 percent in the past three years and is projected to increase by almost 9 percent in the next five years,” said CBRE’s Cunningham. “The exploding population in the area has led to pent-up demand for housing and resulted in an incredibly brisk pace of lease-up activity at Parcland Crossing.”

Parcland Crossing is located in the heart of Chandler’s employment hub. The apartment community is located within a five mile radius of two Intel campuses, Bank of America, Wells Fargo, Chandler Regional Medical Center, eBay/PayPal, Verizon, Microchip, Freescale Semiconductor, Orbital Sciences, EDMC, and Avnet.

Built in 2013, Parcland Crossing features state-of-the-art one-, two- and three-bedroom units in ten floor plans. Community amenities include an elegant entry with controlled-access gate, a designer resident clubhouse, a resort-style swimming area, garage parking, 24-hour fitness center, resident business center, shaded children’s playground, a dog park, and a picnic area with gas barbeque grills.

CBRE - UDR - Waterford

CBRE Negotiates Sale Of 1,744-Unit Multi-Family Portfolio In Metro Phoenix

CBRE has negotiated the sale of six class A multi-family communities, consisting of 1,744 units in the greater Phoenix area.

Vice Chairmen Tyler Anderson and Sean Cunningham, and Associate Asher Gunter of CBRE’s Phoenix office represented the seller, UDR Inc. of Highlands Ranch, Colo., in structuring the sale of its remaining Phoenix-area assets. The buyer was a fund managed by DRA Advisors LLC of New York City and The Milestone Group LLC of Dallas. The total purchase price was not disclosed.

The portfolio, which has an average occupancy of 95%, includes:

  • Finisterra: Built in 1996, this 356-unit community at 1250 W. Grove Parkway in Tempe
  • Lumiere: Built in 1995, this community was converted to condominiums in 2007. Of the 320 total units, 248 were acquired in this transaction. The property is at 1100 N. Priest Drive in Chandler
  • Residences at Stadium Village: Built in 2009, this 382-unit community is at 16485 N. Stadium Way in Surprise
  • Sierra Canyon: Built in 2000, this 236-unit community is at 17500 N. 67th Ave. in Glendale
  • Sierra Foothills: Built in 1999, this 322-unit community is at 13601 S. 44th St. in Phoenix
  • Waterford at Peoria: Built in 2008, this 200-unit community (above photo) is at 14109 N. 83rd Ave. in Peoria

“The Phoenix multi-family market is extremely well positioned to benefit from the current recovery. Job and population growth are rising and market rents are projected to continue to improve,” Anderson said. “This acquisition will not only allow DRA to capitalize on the economic upswing, it immediately gives it a major presence in the market.”

The six Arizona assets are part of a larger portfolio offering that DRA is acquiring from UDR. The other eight multi-family communities are located in Florida, Texas and Virginia.

Andante Apartments

CBRE Negotiates $61.3M Sale Of Andante Apartments

CBRE negotiated the $61.3M sale of Andante, a 576-unit luxury apartment community at 15801 S. 48th St. in Phoenix.

Vice Chairmen Tyler Anderson and Sean Cunningham, and Associate Asher Gunter of CBRE’s Phoenix office represented the institutional seller, Andante Acquisition Corporation, in structuring the transaction. The buyer was Chicago-based Waterton Associates LLC.

Additionally, financing through Fannie Mae was arranged by Executive Vice President Brian Eisendrath and Senior Production Analyst Brandon Smith of CBRE Capital Markets Debt & Equity Finance in Los Angeles.

“Andante is located in the highly desirable Ahwatukee Foothills community, which continues to outperform the metro marketplace in terms of rental growth and demand,” Anderson said. “Multi-family fundamentals in this area are expected to remain strong for the long haul, benefiting from positive job growth in the Southeast Valley and the improving economy.“

Andante is the most recently developed multifamily community west of Interstate 10. The property offers luxury living with seven attractive floor plans, large living areas, nine foot ceilings, Roman tubs and full-size washers and dryers. Residents at Andante also enjoy three resort-style swimming pools, a designer clubhouse, a fully-appointed 24-hour fitness center, a business center and a dog park.

Developed in two phases in 1999 and 2001, Andante was 94% occupied at the time of sale.