Tag Archives: Jim Crews

Colonade Apartments, WEB

Colonnade Apartments sell for $25.5M

Cushman & Wakefield of Arizona’s Multifamily Advisory Group recently negotiated the $25.5 million sale of The Colonnade Apartments, a 415-unit multifamily property located at 1930 E. Camelback Road.

Built in 1968/1973, The Colonnade is an urban, garden-style apartment community located in the heart of the Camelback Corridor, providing a live-work-play experience for residents. The property is 257,648 square feet with 27 buildings and features well-designed, desirable studio, one- and two-bedroom floor plans.

The property benefits from drive-by exposure on Camelback Road with ease of access to the SR-51 and close proximity to the high-end office complexes at 24th Street and Camelback Road.  It is also within one-half mile of the Biltmore Fashion Park and the Biltmore Resort and Golf Course.

“This urban in-fill location with frontage on Camelback Road really got the attention of the investment community,” said Jim Crews. “We had significant interest from numerous groups with varying business plans that includes rehab/value add and redevelopment.”

Gelt Inc. of Tarzana, Calif., sold the property to MCS Capital Partners of Phoenix. The sale price brought $61,446 per unit, which equates to $98.97 per square foot, and was 94 percent occupied at the time of the sale.

Crews and Brett Polachek of Cushman & Wakefield, both Senior Directors, represented the seller in the transaction.

City 15 A, WEB

City 15 sells for $10.85M

Cushman & Wakefield of Arizona, Inc. negotiated the $10.85 million sale of City 15, a multi-family property located at 4728 N. 15th St.

City 15 was built in 1969 and contains 26 buildings with 161 units. The property was 96 percent occupied at the time of the sale.

Mica Creek-Sagamore Capital Partners of Phoenix sold the property to Retirement Concepts of Vancouver, B.C., Canada.  The sale price brought $67,391 per unit, which equates to $102 per square foot.

“The property attracted a lot of attention given its location,” said Brett Polachek. “City 15 has undergone interior and exterior renovations and has captured the demand for urban living.”

Polachek and Jim Crews of Cushman & Wakefield represented the seller in the transaction.

Country Club Estates, CushWake

Cushman & Wakefield Negotiates $17.1M Country Club Estates Sale in Flagstaff

Cushman & Wakefield of Arizona, Inc. has negotiated the $17.1M sale of Country Club Estates in Flagstaff.

The property, located at 5205 E. Courtland Blvd. and built in 1984, contains 201 units and was 95% occupied at the time of the sale. Jackson Square Properties of San Francisco sold the property to Virtu Investments of Larkspur, Calif. The sale price brought $85,075 per unit, which equates to $115.96 per square foot.

“This property represents an outstanding value-add opportunity for the buyer by rehabbing the units and taking advantage of Flagstaff’s under-supply of multi-family housing,” said Jim Crews.

Crews and Brett Polachek of Cushman & Wakefield represented the seller in the transaction.

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Cushman & Wakefield Negotiates $17.1M Country Club Estates Sale in Flagstaff

Cushman & Wakefield of Arizona, Inc. has negotiated the $17.1M sale of Country Club Estates in Flagstaff.

The property, located at 5205 E. Courtland Blvd. and built in 1984, contains 201 units and was 95% occupied at the time of the sale. Jackson Square Properties of San Francisco sold the property to Virtu Investments of Larkspur, Calif. The sale price brought $85,075 per unit, which equates to $115.96 per square foot.

“This property represents an outstanding value-add opportunity for the buyer by rehabbing the units and taking advantage of Flagstaff’s under-supply of multi-family housing,” said Jim Crews.

Crews and Brett Polachek of Cushman & Wakefield represented the seller in the transaction.

Cushman & Wakefield

Shoppes at the Islands Sells for $2.1M

Cushman & Wakefield of Arizona, Inc. has negotiated the $2.1M sale of 11.4 acres, known as the Shoppes at the Islands land, located on the SEC of Warner and McQueen roads in Gilbert. The property will be the site of a future home community.

Genica Arizona, LLC, a partnership based in Chilliwack, British Columbia purchased the property from Starwood Asset Management, LLC of Greenwich, CT.

Genica Arizona, LLC plans to develop a single-family home community on the land. The timeline for the development is scheduled to start in the near future.

Jim Crews, Brett Polachek and Adam Madison of Cushman & Wakefield represented the seller in the transaction. Aaron Carson of Carson Commercial, LLC represented the buyer.

The Colony, Cush Wake

Colony Apartments in Phoenix Sell for $8.6M

Cushman & Wakefield of Arizona, Inc. has completed the $8.6M sale of Colony Apartments, 4337 N. 53rd Lane, in the Maryvale suburb of Metro Phoenix.

The property was purchased by CalCap Properties, Inc. of Pasadena, Calif., and sold by Maryvale Urban Investments, LLC dba Bank of America. Built in 1979, Colony Apartments consists of 236 one and two-bedroom units averaging approximately 900 square feet each. The $8.6M sale price equates to $36,441 per unit and $40.47 per square foot.

“The purchase of the Colony apartments represent an excellent opportunity for the new owner to upgrade the units and take advantage of the general growth in the Phoenix multi-family market, ”said Jim Crews, senior director with C&W. 

Crews and Brett Polacheck of C&W’s Multifamily Advisory Group negotiated the transaction.

rsz_brookstone

Cushman & Wakefield Negotiates Bascom Group's $77M Purchase of 3 Multi-family Complexes

 

Cushman & Wakefield of Arizona, Inc. announced the purchase of three Valley multi-family complexes by The Bascom Group, for $77M.

The Irvine, Calif.-based company, represented by Jim Crews, Brett Polachek and Tara Lewis of Cushman & Wakefield, completed the purchases of properties in Avondale, Mesa and Phoenix during the past 14 days.

Coldwater Springs Apartments, 12115 W. Van Buren Ave., was purchased for $27.2M. The 301-unit complex was built in 2007 and is 92% occupied. The apartment homes range in size from 705 to 1,241 SF in one, two and three-bedroom configurations.

The property features a movie theater, fitness center, clubhouse and business center. Bascom Arizona Ventures, LLC served as the Arizona partnership of The Bascom Group in the sale. The seller was Coldwater Springs Apartments LLC, a partnership led by Fore Property Co. of Las Vegas.

The Bascom Group also purchased Madera Point at 445 S. Dobson Rd. in Mesa. The 256-unit complex was built in 1985 and most of the units have been fully upgraded. The buyer purchased the complex from Texas-based Variable Annuity Life Insurance Company for a price of $14.35M.

Brookstone at the Foothills, 4424 E. Baseline Rd. in Phoenix (above photo), also was purchased by The Bascom Group for $35.57M. The 528-unit complex of apartment homes was built in 1986 and features more than 70% two and three-bedroom units. The upgraded complex offers an average unit size of 894 SF and is very well leased. Variable Annuity Life Insurance Company also was the seller of this two-story complex

“The Bascom Group focuses its attention on acquiring value-added, multi-family properties. The company was very successful with a previous cycle of acquisitions in Arizona during 2004 and 2005,” says Crews, senior director with Cushman & Wakefield of Arizona, Inc.

“These recent acquisitions were either recently built or recently renovated properties that were purchased at well below replacement cost. This is a strategic time to purchase highly amenitized multi-family properties in Metro Phoenix and we expect this client will be highly successful with these investments.”

 

Coldwater Springs

Bascom Arizona Ventures Invests In 301-Unit Class A Community For $27.2M

Bascom Arizona Ventures acquired Coldwater Springs Apartments, a 301-unit community in Avondale for $27.2M.

Bascom Arizona Ventures worked with Brandon Smith and Brian Eisendrath of CBRE to arrange the financing for the purchase. The debt financing was provided by Ares Management.

Jim Crews represented the buyer and seller in the transaction. The onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services (MEB). The purchase comes on the heels of the recent acquisition of Estates at Maryland, a 330-unit “Class A” community located in Phoenix.

Coldwater Springs, built in 2007, is a Class A property situated on a vast 16.5 acres with an average unit size of 956 SF. Each unit includes 9-foot vaulted ceilings, full appliances, ceramic tile floors, private balconies and patios, full size washer/dryers, walk-in closets, and roman tubs with tile surround.

Community features include: two resort style swimming pools with private cabanas, billiards and game room, full clubhouse, 24-hour fitness center and a state of the art business center and movie theater. Coldwater Springs also boasts energy efficient features such as energy-star appliances, dual pane low-E windows, 13 seer heating and cooling efficiencies, and energy efficient lighting.

The property is located in the heart of Metro Phoenix, with close vicinity to the METRO light rail, Downtown Phoenix, the prominent West Gate City Center, and Interstate I-10.

“After our successful 12-property portfolio sale in 2007, we feel now is the best time to buy back into the Arizona region,” said Mark Brotherton, Asset Manager for Bascom Arizona Ventures, comments. “This will be our second purchase in the past month, and we are looking to expand even more with additional acquisitions slated to close in the next month.”

Bascom Arizona previously acquired 5,174 units in Metro Phoenix between 2004 and 2006.

“We are looking to acquire assets that range from “A’s” to “C’s”, preferably with “in-fill” location and with a value-added component,” Brotherton said.

Bill Wright, Asset Manager supervising renovations for Bascom Arizona Ventures, adds:

“We intend to upgrade unit interiors and spruce up the common areas at both properties in order to compete with newer ‘Class A’ properties, and to maximize net effective rents during the current market recovery. We were very successful with our business plan during the last cycle.”