Tag Archives: Investment Property Associates

123rf.com: Tim Wege

Colliers completes the sales of multifamily complex

Colliers International in Greater Phoenix recently completed two sales for one buyer, Investment Property Associates (IPA) of Grand Haven, Mich. The buyer purchased the 395-unit Sienna Springs apartment complex for $20.5 million and the adjacent Willowick Square office building for $5.9 million, both in Phoenix.

Both properties are located on the southwest corner of North 16th Street and Colter Street within a mile from the Camelback Corridor. IPA plans to redevelop the sites with high-end multifamily and senior apartments, and possibly some mixed-use components.

Liv Biltmore LLC, an entity of IPA, purchased Sienna Springs, 5120 N. 16th Street, from P.B. Bell (Bellstone VII LLC) of Phoenix. The same buyer acquired Willowick Square, at 5150 N. 16th St., from Presson Advisory LLC of Phoenix.

“We are, again, glad to work with IPA on this transaction and look forward to watching their vision for this unique community become a reality,” said R. Chapin Bell, chief executive officer of P.B. Bell.
Both transactions were brokered by Cindy Cooke, senior executive vice president, and Brad Cooke, senior vice president, both with Colliers International.

“Historically, Phoenix has been known for its sprawling suburbs and outward expansion; however, developers are refocusing their attention toward the urban infill location,” said Cindy Cooke, adding, “These highly desirable sites provide tenants with walkability to restaurants, shopping, entertainment and employment in the Camelback Corridor.”

Eric Johnston, IPA partner and president of its senior housing operating arm, Retirement Community Specialists (RCS), said, “Our desire is to work with the city to create a multigenerational campus, comprised of both a Liv multifamily and a Generations senior living community, where residents can move through various life stages without having to move from the neighborhood that has become their home.”

IPA partner Scott Brooks added, “There is an exciting transformation happening in that area and we believe our unique approach modeled after true village-style living will really complement the vision and growth of the neighborhood.”

The properties face 16th Street, which has been one of the most active redevelopment areas in Metropolitan Phoenix with many new restaurants, retail establishments, multifamily developments and other convenient amenities. The location provides residents with ample retail and business employment opportunities along Camelback Road. The Metro Light Rail is 1.7 miles away and State Route 51 is also nearby.

Sienna Springs
Built in 1973 and renovated in 2006, the Class B, garden-style complex is comprised of 17 one- and two-story buildings, totaling 201,298 square feet, on 10.20 acres of land. The open grass courtyards are complemented by a clubhouse, three swimming pools, a volleyball court, canopied playground, barbecue grills and picnic areas.

“Sienna Springs is located in the heart of one of the most dynamic livable areas within the Metropolitan Phoenix area. Very few multifamily communities have this combination of a central location, with excellent retail options, restaurants, theaters and other conveniences less than a mile away. It is the only 10-acre site within a five mile radius,” Cooke noted.
Willowick Square
The buyer’s acquisition of Willowick really enhances the 10.2-acre site of Sienna Springs. It is a perfect corner piece giving its location on the corner of 16th Street and Colter, adjacent to Sienna Springs.

Built in 1974, Willowick Square is a Class B office complex, consisting of 53,417 square feet on a three-acre lot.

Rendering of Generations at Agritopia (a sister property). Renderings of the Ahwatukee location are not yet completed.

128-Unit Senior Housing Community Comes to Ahwatukee

Investment Property Associates, LLC (IPA) and Retirement Community Specialists (RCS) have partnered for a second time to develop a senior living community in Ahwatukee near the southwest corner of Chandler Boulevard and 50th Street.  The 8-acre site of the planned senior community is part of a 35-acre mixed-use parcel acquired by IPA in 2012.

The senior housing community, called “Generations at Ahwatukee,” is designed to be 160,000 square feet and to provide 128 total units.  The community will be licensed by the State of Arizona as an assisted living and directed care community and will offer independent living, assisted living and memory care.  The community will be operated by Retirement Community Specialists (RCS), a senior living management company based in Ahwatukee since 1998 and in the Phoenix area for over 25 years.

Rendering of Generations at Agritopia (a sister property). Renderings of the Ahwatukee location are not yet completed.

Rendering of Generations at Agritopia (a sister property). Renderings of the Ahwatukee location are not yet completed.

“We are thrilled to bring senior living to Ahwatukee where RCS has been a member of the business community for over 15 years,” said RCS President Eric Johnston.  “As a resident of Ahwatukee for more than 20 years, it is rewarding to be able to provide residents and their family members with quality senior living options, right in the neighborhood.”

The unit mix includes studio, one-bedroom and two-bedroom apartment styles as expansive as 1,150 square feet, and many unit styles will feature private balconies or patios. The community will offer an array of amenities that promote freedom from everyday burdens for residents to enjoy their interests and quality time with friends and family.  Current plans include a theater, fitness center, library, salon/barber shop, pool, community gardens, activity centers and restaurant-style dining rooms.

Generations at Ahwatukee will be situated to the north of the 402-unit, Liv Ahwatukee, one of IPA’s premier multifamily residential communities scheduled to open this summer.  Senior living fits well within IPA’s multigenerational vision of neighborhood.

“Generations at Ahwatukee will be a sister property to Generations at Agritopia, which is a senior living community that IPA and RCS own and operate in the literal center of the thriving community of Agritopia in Gilbert,” says Scott Brooks, a partner at IPA. “We strongly believe in the thoughtful design of multi-generational communities where people of all ages can interact with and enjoy each other. With Generations at Ahwatukee positioned next door to Liv Ahwatukee, our Generations residents can still very much be in the center of life’s action while also enjoying the high-level amenities and services they desire and expect from a premier senior living community.”

The Generations at Ahwatukee site is fully entitled and IPA expects to break ground in the fall. IPA has developed senior care communities in other markets; this will be the company’s second senior living development in Phoenix. MC Clark-Wayland Builders of Scottsdale, Ariz. will serve as the General Contractor.  Architectural services are provided by Todd & Associates of Phoenix and Thoma-Holec of Mesa, Ariz. will provide the interior design.


The Rockefeller Group And IPA Form JV To Develop 402 Apartments In Gilbert

Investment Property Associates (IPA) and The Rockefeller Group have entered into a joint venture agreement to develop a 402-unit Class A apartment community at the NEC of Warner and Recker roads in Gilbert.

The 24.67-acre site is fully entitled and the developers plan to break ground on the first of two phases in early 2013; development costs are anticipated to be approximately $57.5M.

The Rockefeller Group expects Liv Northgate to complement the company’s 155-acre, mixed-use North Gateway project, which can accommodate 226,000 SF of office space, 1.1 MSF of industrial /flex and 12.2 acres of retail space in addition to the 402 apartments.

“The Rockefeller Group is very pleased to be partnering with a company of IPA’s experience in developing and managing high quality residential communities in Arizona,” said Mark Singerman, Regional Director of The Rockefeller Group’s Arizona office. “With IPA as a partner, we look forward to bringing quality Class A, highly amenitized, residential living to Gilbert.”

The project, named Liv Northgate, will be managed by IPA and will consist of 402 garden-style, luxury apartment units in two and three story buildings, together with a leasing office, high-tech clubhouse, and extensive recreational amenities. Each apartment will be finished with a premium appliance package, custom cabinets, slab granite kitchen counters, full-size washer and dryer, walk-in closets, ceiling fans, state-of-the-art communications wiring, simulated wood flooring, window blinds, nine-foot ceilings, and private balconies and patios with storage areas.

“We are honored to partner with The Rockefeller Group on the development of Liv Northgate,” remarked Bill Fettis, Partner of IPA and co-founder of IPA Management. “The Rockefeller Group is among the most highly-regarded commercial real estate companies in the world for overall quality and focus on customers. Our companies line up very well in this regard and we look forward to serving our future residents through those shared values.”

According to Fettis, the developers are focused on creating spaces for interaction, encouraging wellness, incorporating leading technology, and promoting sustainability. Some of these features are reflected in intentional gathering spaces, state of-the-art fitness equipment, health and wellness classes, recycling stations, electric car charging stations, and pedestrian walkways throughout the property that connect to surrounding greenbelts. Other amenities include two heated pools with fire and water features, sand volleyball, a 24/7 fitness center, a bark park and pet care station, numerous outdoor picnic and family recreation areas throughout the property, and gated access.

Residents of Liv Northgate will be able to walk or bike to businesses and retail within North Gateway through a series of pathways being incorporated into the site.

“Liv Northgate and North Gateway will represent one of suburban Phoenix’ most desirable mixed-use developments,” Singerman said. “We believe businesses will want to locate in North Gateway due its proximity to freeways, aerospace companies located near Phoenix Mesa Gateway Airport, Banner/M.D. Anderson, other hospitals close by and DMB’s new Eastmark development. They will also appreciate being able to tap into the extensive talent pool that will live practically on-site at Liv Northgate.”

Gilbert Mayor John Lewis sees the project supporting the Town’s continued growth. “As the Phoenix-Mesa Gateway Airport continues its expansion, The Rockefeller Group’s North Gateway mixed-used project will provide high-quality amenities and accommodations for those living and conducting business in Gilbert. This project is a tremendous addition to our community and complements the Town’s investment in the Power Road and Morrison Ranch areas.”

IPA was represented by Cindy Cooke, Brad Cooke, Carrie Burton and Alex Sampson of Colliers International in Phoenix. The Rockefeller Group was represented by John Finnegan, Chaz Smith and Ramey Peru, also with Colliers in Phoenix.

“The strengths of these two veteran real estate developers perfectly complement each other and will produce an award-winning development.” Brad Cooke said.

IPA continues to expand its Phoenix portfolio with three additional multifamily developments and one seniors housing development underway. Liv Avenida (www.livavenida.com) is a 322-unit upscale multifamily development under construction in Chandler and scheduled to open this fall.

Liv North Scottsdale (www.livnorthscottsdale.com) is a 240-unit, fully entitled, urban-infill podium development at the hub of North Scottsdale’s trendiest shopping, dining, and nightlife with groundbreaking scheduled for Fall 2012. A third fully entitled multifamily parcel is located in the Ahwatukee submarket with 402 units scheduled to break ground in the fourth quarter of 2012.

IPA also plans to break ground in Fall 2012 on “Generations at Agritopia”, a 118-unit (122-bed) seniors housing community offering independent, assisted, memory care and memory care-lite accommodations, located in the highly sought-after Agritopia community in Gilbert.