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Marcus & Millichap sells Phoenix apartments for $3M

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tidewood, a 49-unit apartment community located in Phoenix, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,000,000.

Trevor Hardy, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a limited liability company, was also secured and represented by Trevor Hardy.

Tidewood is located at 4021 & 4025 North 40th Street in Phoenix, AZ.

hampton

Hampton Inn & Suites in Yuma sold for $7.4M

Marcus & Millichap has announced the sale of Hampton Inn & Suites Yuma, a 90-room hospitality property located in Yuma, Ariz., according to Kevin W. Boeve, vice president and regional manager of the firm’s Ontario office. The asset sold for $7,400,000.

Aseem Tandon, a director of the National Hospitality Group in Marcus & Millichap’s Ontario office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a partnership, was also sourced by Tandon.

“This was Aseem’s second significant closing in the city of Yuma in less than a year.  The transaction required a major PIP renovation and the buyer was under a 1031 exchange deadline. His understanding of this asset, the local and regional market, and his 10 years of experience in hospitality investments helped all parties involved,” notes Gregory A. LaBerge, national director of Marcus & Millichap’s National Hospitality Group. “Aseem assisted the seller by reaching the goal of a timely liquidation, and he strategically helped the buyer with an improvement plan for the future. This transaction was a ‘win-win’ for all parties.”

“Aseem continues to produce exceptional client service for both buyers and sellers of hospitality investments across the nation. He is always working to put the client’s needs first,” concludes Kevin Boeve.

Hampton Inn & Suites Yuma is located at 1600 East 16th Street in Yuma, Ariz. at the intersection of Highway 95 and Interstate 8 in one of the most scenic areas of the city. The property is strategically located to accommodate tourists visiting to enjoy an array of outdoor activities as well as the lodging demands of two premier military installations, Marine Corps Air Station Yuma and United States Army Yuma Proving Ground. Yuma Proving Ground is one of the world’s largest military installations.

Cortona, Courtesy of IPA

Cortona at Dana Park sells for $22.1M

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Cortona at Dana Park, a 222-unit multifamily community in Mesa, Ariz. The $22.1 million sales price equates to $99,550 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Virtú Investments. The buyer is Green Leaf Capital Partners.

“Developed by Hrebec Properties in 1986, Cortona at Dana Park’s design and functionality are unparalleled in comparison with other assets of its vintage,” says Gebing. “The previous owner upgraded approximately 70 percent of the unit interiors and further opportunities for value enhancement remain.”

The apartment community is located at 1440 South Alma School Road in Mesa near Village Square at Dana Park, an urban lifestyle center with a mix of upscale retailers. Banner Gateway Medical Center’s 60-acre campus is two miles away and the Falcon Field Employment Center, a 5,100-acre area with more than 10 office and industrial parks is approximately six miles away. Access to U.S. Route 60, (the Superstition Freeway), and Arizona State Loop 202, is nearby.

Cortona at Dana Park’s apartments feature kitchen-garden windows, oversized walk-in closets, built-in bookshelves, ceiling fans, covered patios or balconies and washers and dryers. Select two-bedroom units have walk-in pantries and wood-burning fireplaces. Community amenities include two swimming pools and spas located along a spacious pool deck with resort-style furniture; a playground, lighted courts for basketball and volleyball, barbecue grilling stations with picnic areas, a 24-hour fitness center, a clubhouse with kitchenette and resident lounge, reserved covered parking, and controlled gated access.

Aura at Midtown, Courtesy of Marcus & Millichap

Aura at Midtown sells for $8.69M

Marcus & Millichap announced the sale of Aura at Midtown, a 96-unit apartment complex in Phoenix. The $8.69M sales price equates to $90,500 per unit.

Steve Gebing, a senior director of Institutional Property Advisors, a division of Marcus & Millichap, along with Marcus & Millichap vice president investments Cliff David, first vice president investments Richard Butler, senior associate Brian Tranetzki and associate Trevor Hardy, all in the firm’s Phoenix office, advised the seller, Pathfinder Partners and Avenue North. The buyer is Capital Real Estate.

“Developed by Staman & Kahnweiler in 1959 and 1962, Aura at Midtown was recognized as one of the ‘5 Coolest Apartment Complexes in Phoenix’ by the Phoenix New Times in 2014,” says Gebing. “The previous owner initiated a successful repositioning and rebranding of the property that the new owner can continue.”

The property is located inside Encanto Village at 3623 North 5th Ave. within the City of Phoenix’s Infill Development District and adjoining Transit-Oriented Zoning Overlay District One (TOD-1), an area experiencing millions of dollars in gentrification efforts and a residential revival. Central Avenue, home to the highest concentration of employment in Arizona, is less than one mile east of the complex. The Valley Metro light rail’s Osborn/Central station is located less than six blocks away and access to Interstate 10, the Maricopa Freeway, State Route 51, the Piestewa Freeway, and Arizona State Route 202, the Red Mountain Freeway is nearby.

Aura at Midtown features five floor plans that include renovated one-, two- and three-bedroom apartment homes that average 889 square feet. Interior finishes include new appliance packages, upgraded countertops with glass tile backsplash, wide plank wood-style flooring or stained concrete floors, vintage bathroom tiling and retro fixtures, remote-operated ceiling fans, oversized windows, and sliding arcadia doors. Community amenities consist of two newly remodeled and redecorated swimming pools, a community-run organic vegetable garden, restricted-access 24-hour fitness center, convenient on-site laundry facilities, keyed entry pedestrian gates, covered parking, and rentable storage units.

Cabana on Thomas - Gebing

IPA sells $24.35 million Phoenix apartment community

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Cabana on Thomas, a 382-unit apartment home community in Phoenix. The $24,350,000 sales price equates to approximately $64,000 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Deco Communities.

“Cabana on Thomas recently won the coveted American Society of Interior Designers’ Adaptive Use Award, which honors excellence in interior design,” says Gebing. “The property’s attractive mid-century modern architecture provided the basis for a comprehensive property repositioning influenced by international fashion trends and national design, incorporating unique vintage pieces from neighborhood shops and one-of-a-kind, community-focused murals.”

The 204,537-square-foot property is located on 12.7 acres at 1645 East Thomas Road in Phoenix, one-half mile west ofState Route 51, the Piestewa Freeway, which provides a direct connection to downtown Phoenix and Sky Harbor International Airport. Nearby employers include the City of Phoenix, Maricopa County, the State of Arizona, Wells Fargo, Bank of America, JPMorgan Chase, Freeport McMoRan Copper & Gold Inc., Ernst & Young, United Healthcare, Cigna Healthcare, and the State Compensation Fund. Park Central Mall, a 712,000-square-foot retail, dining, and office center is approximately two miles northwest of the community.

Cabana on Thomas’ studio, one- and two-bedroom floor plans are equipped with new designer cabinets, countertops, appliances, flooring, bathroom and shower fixtures, and lively accent walls. Refreshed amenities throughout the community include a Wi-Fi- ready leasing office and clubroom fully equipped with coffee shop-style seating, four resort-style pools with custom cabana shades, a new fitness center with cardio- and weight- training equipment, branded laundry facilities, five electric vehicle charging stations, a bike storage room, and a dog park.

heat relief network - hot sun

Arizona Sun apartments sell for $3.675M

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Arizona Sun, a 58-unit apartment property located in Tempe, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,675,000.

Pete Te Kampe, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by Pete Te Kampe.

Arizona Sun is located at 1895 & 1901 East Don Carlos Avenue in Tempe, AZ.  This asset was purchased as an acquisition and rehab project through a tax credit award from the Arizona Department of Housing.

 

Manufactured home community trades for $23.85M

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Chaparral Mobile Village, a fully improved, 359-site, all-age manufactured home community in Tempe, Ariz. The investment real estate asset sold for $23,850,000, which equates to $66,435 per space at a 6.25 percent cap with a 43.75 percent expense load or $3,232 in expenses per site.

Douglas Danny, first vice president investments in Marcus & Millichap’s San Diego office, along with Octavian Paul, associate in the firm’s Phoenix office, represented the seller, Kort & Scott Financial Group. The buyer is a family trust.

“The property provides the new owner with location, demand, incubation upside and immediate cash flow in a scarce marketplace,” says Danny. “The offering generated multiple offers and was sold to one of the premier manufactured home community buyers in the marketplace.”

Chaparral Mobile Village features a clubhouse, a children’s game room, a laundry, two swimming pools, a spa, a children’s playground and sports facilities. Built as 360 sites, one of the spaces is dedicated to open space. All of the spaces are accessed via an interior asphalt paved roadway that has rolled cement and some cement sidewalks around the common area amenities. Electric service is provided to each individual space by individual meters that are master-metered by the utility companies and charged to the park. The park has all city services.

Chaparral Mobile Village was built in 1971 on 45.1 acres and has a density of 7.69 sites per acre. The current site breakdown is 211 single-wide spaces and 148 double-wide spaces, of which 54 are small and 95 are large. There are four one-story buildings and the building area contains 5,316 square feet of clubhouse/office space, a 1,227-square-foot children’s playroom, a 1,042-square-foot laundry facility and a 1,042-square-foot maintenance shop. The total square footage for these buildings is 8,627 square feet.

 

Country Inn & Suites Mesa brings $10.9M

Marcus & Millichap announced the sale of the Country Inn & Suites Mesa, a 126-unit, interior corridor, mid-rise hotel in Mesa, Ariz. The $10,910,000 sales price equates to $86,500 per room and represents more than 98 percent of the list price.

The property is located at the crossroads of U.S. Route 60 and East Superstition Springs Boulevard, five miles west of Phoenix-Mesa Gateway Airport and 22 miles east of Phoenix Sky Harbor International Airport.

Gordon Allred, first vice president investments in Marcus & Millichap’s Ontario, Calif. office, David Greenberg, vice president investments in Fort Lauderdale, and James Meng, an associate agent in the firm’s Phoenix office, represented the seller, Suites of Arizona, and the buyer, KCS Investment.

“This hospitality investment real estate asset is Carlson’s Country Inn & Suites best performer in Arizona,” says Allred. “We marketed the asset through our national platform of hospitality property investment specialists and a Seattle-based investor in a 1031 exchange recognized the value of owning in the growing Mesa, Ariz. market.”

“This is another great example of the power of the firm’s collaborative platform,” adds Gregory A. LaBerge, national director of the firm’s National Hospitality Group.  “Sourcing out-of-area 1031-exchange capital created maximum results for both parties. The sales price met the seller’s expectations and the buyer acquired an asset that suits its strategic growth plan.”

The Country Inn & Suites Mesa was constructed in 1998 and is located at 6650 East Superstition Springs Blvd. in Mesa, less than a mile from the Superstition Springs Center shopping mall, which includes more than 150 stores and restaurants, a double-decker carousel, an indoor children’s play area, a multiplex movie theater and an outdoor amphitheater. Other nearby companies and local attractions include The Boeing Co., Arizona School of Health Sciences, Arizona State University at the Polytechnic campus, Big League Dreams Park, Falcon Field, Golfland Sunsplash amusement park, Gold Field Ghost Town, Canyon Lake and Hohokam Stadium, the longtime baseball spring training facility for the Chicago Cubs.

Toscana Apartments sell for $1.75M

Marcus & Millichap Real Estate Investment Services has announced the sale of Toscana Apartments, a 24- unit apartment community located in Central Phoenix, Arizona. The asset commanded a sales price of $1,750,000 or $72,917 per unit.

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing assignment to market the property and negotiated the transaction on behalf of the seller, an investment partnership from Berkeley, California and the buyer, a local private 1031 exchange investor.

“Toscana Apartments is a boutique apartment community nestled between the prestigious Biltmore neighborhood and the Central Avenue Corridor in Phoenix. Toscana is one of the most unique properties in Central Phoenix in that no two floor plans are alike; there are numerous poolside units along with apartment units that are located in a huge, picturesque garden area not typical for a Phoenix setting. Select floor plans contain fireplaces, skylights and backyards.” says Tranetzki.

Built in phases beginning in 1949, Toscana Apartments consists of block construction, pitched roofs and covered parking for each unit. Situated at Bethany Home Road and 10th Street, the subject property is located in one of central Phoenix’s highest demand residential areas.

“Approximately one mile to the south of Toscana Apartments is the Camelback Corridor, one of the region’s premier urban centers with over 9 million square-feet of multi-tenant office space and approximately 951,000 square feet of shops and restaurants in two landmark shopping centers, The Shops at Town & Country and Camelback Colonnade. Biltmore Fashion Park is located approximately one mile from the subject property at the northeast corner of 24th Street and Camelback.” adds Butler.

Net-leased Romano’s Macaroni Grill sells in Goodyear

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Romano’s Macaroni Grill, a 6,810-square-foot net-leased property located in Goodyear, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,050,000.

Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

Romano’s Macaroni Grill is located at 1828 North Litchfield Road in Goodyear, AZ.

 
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
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Orvieto Investments purchases 4.61 acres in Tucson

Orvieto Investments LLC, owned by Barbara and Tom Mannschreck, has purchased an industrial property located at 3911 Highway Dr. in Tucson, which consists of an office/warehouse building of 10,760 sq. ft. with four additional outlying buildings on 4.61 acres.

The facility is leased to Jacobs Field Services, an affiliate of Jacobs Engineering, a New Your Stock Exchange traded company.

The purchase price was $887,500 and the Bank of Tucson provided a loan in the amount of $575,000.

The property was owned by an affiliate of Diamond Ventures. Pat Welchert of Cushman & Wakefield/Picor represented the seller and Robert Kaplan of Marcus & Millichap represented the buyer.

An affiliate company of Barbara and Tom Mannschreck purchased Shadow Pines Apartments and Mayfair Manor Apartments in Tucson August 28, 2014.

The purchasers are seeking additional investments in Arizona.

Raising Cane, Marcus Millichap, WEB

Raising Cane’s Phoenix location sells for $3.5M

Marcus & Millichap, a commercial real estate investment firm, announced Dec. 30 the sale of Raising Cane’s, a 3,848-square foot net-leased property located in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,550,000.
Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer.
Raising Cane’s is located at 4506 E. Cactus Rd. in Phoenix.

Waterford at Superstition Springs 31,WEB

Waterford at Superstition Springs sells for $33M

Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, announced the sale of Waterford at Superstition Springs, a 280-unit multifamily community in Mesa, Ariz.  The commercial real estate sale netted $33,000,000 or $117,850 per unit.
IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Waterford at Superstition Springs LLC. The buyer is NALS Apartment Homes.

“Waterford at Superstition Springs delivers an amenity-rich living experience that combines comfort and convenience with unparalleled contemporary finishes,” says Gebing.

The property is located at 7311 East Southern Ave. in Mesa, Ariz. less than one mile east of Superstition Springs Center, a 1.2 million-square-foot regional shopping mall featuring more than 150 stores and eateries. Mesa Pavilions, a 720,000-square-foot power center is directly across the street from the Superstition Springs Center. The Falcon Field Employment Center, a 5,100-acre area encompassing more than 10 industrial and office parks is approximately seven miles northwest of the community. The property has direct access to U.S. 60, the Superstition Freeway, and Loop 202, which provides access to Tempe, Mesa, Chandler and Gilbert, is nearby.

Developed by Zaremba Group in 2007, Waterford at Superstition Springs features elegantly designed one-, two-, and three-bedroom floor plans with nine-foot ceilings, fully equipped gourmet kitchens with cherry-wood cabinetry and GE appliances, full-sized washers and dryers, crown moldings, walk-in closets, raised panel doors and ample storage space with linen closets. Community amenities include a resort-style swimming pool with spa, a state-of-the-art leasing office and 24-hour fitness center, a clubhouse with resident lounge and Wi-Fi, an executive business center and conference room, courtyard space featuring a playground, volleyball court, barbecue grills, 80 detached garages, 30 detached storage units, a car care center, and controlled access gated entry.

Raising Canes, WEB

Glendale Raising Cane’s location sold

Marcus & Millichap, a commercial real estate investment services firm, announced the sale of Raising Cane’s, a 3,033-square foot net-leased property located in Glendale on Friday, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3,550,000.

Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  Raising Cane’s is located at 7930 W. Bell Rd. in Glendale, Ariz.

Southern Ridge, Grass, WEB

Marcus & Millichap arranges sale of Southern Ridge

Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced Wednesday the sale of Southern Ridge, a 113-unit apartment property located in Mesa, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $6,510,000.

Pete Te Kampe, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the sellers, which comprised multiple individuals and entities.  John Kobierowski, of ABI Multifamily is the broker who represented the buyer in the transaction.  This transaction represents Te Kampe’s second fragmented condominium reversion sale this year and the fourth overall he has listed and closed.   Southern Ridge is located at 214 North Gilbert Road in Mesa, Ariz. The property was built in 1985 comprises 113 units.

Dollar General rendering

Dollar General sells in Marana, Ariz.

Marcus & Millichap announced the sale of Dollar General, a 9,100-square foot net-leased property located in Marana, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,755,000 and is currently under construction.
Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer.
Dollar General is located at Trico and El Tiro roads in Marana.

Dennys Marcus and Millichap, WEB

Denny’s signs ground lease in Yuma

Marcus & Millichap announced the sale of Denny’s ground lease, a 4,300-square foot net-leased property located in Yuma , Ariz, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,527,300.

Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a private investor, was secured and represented by Matt LoPiccolo, an investment specialist in Marcus & Millichap’s San Diego office.

Denny’s Ground Lease is located at 11255 E. South Frontage Rd. in Yuma.

LaRonde Centre

Marcus & Millichap announces retail, healthcare transactions

Marcus & Millichap announced the sale of La Ronde Centre, a 106,503-square-foot retail property located in Sun City, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $8,000,000.

Sanford Burstyn, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  Colin Brown from Transwestern represented the buyer.

La Ronde Centre is located at 14656 North Del Webb Boulevard in Sun City, Ariz.

Marcus & Millichap also announced the sale of Arrowhead Health Center, a 11,272-square-foot net-leased property located in Scottsdale, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $4,500,000.

Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was also secured and represented by Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office.

Arrowhead Health Center is located at 2629 North Scottsdale Road in Scottsdale, Ariz.

Brakes Plus, WEB

Brake Plus buys 5KSF in Peoria

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Brakes Plus, a 5,128-square-foot net-leased property located in Peoria, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $1,735,000.

 

Mark Ruble and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

 

Brakes Plus is located at 8380 W. Deer Valley Rd. in Peoria.

Alvarado Apartments

Alvarado Apartments sell in Phoenix

Marcus & Millichap announced the sale of Alvarado Apartments, a 10-unit apartment property located in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $425,000.

Chris Lake, Brian Tranetzki, and Richard Butler, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.

Alvarado Apartments is located at 376 East Alvarado Road in Phoenix. This single-story, block constructed apartment community was built in 1958 and consists of six well designed one-bedroom units at 600 square feet and four two-bedroom units at 775 square feet. The subject property is individually metered for electricity, has pitched asphalt shingle roof and has individual water heaters located in the units. The buyer took advantage of this opportunity to purchase one the few remaining non-renovated multifamily properties in the downtown area. Due to its location and close proximity to some of the most preeminent attractions in central Phoenix, this property is a prime candidate for the buyer to reposition.

Mike Duffy joins SRS Real Estate

Mike Duffy, SRS Real Estate

Mike Duffy, SRS Real Estate

SRS announced the hiring of Mike Duffy as senior associate in the Phoenix office. He will focus on landlord representation, tenant representation and land brokerage.

Duffy joins SRS with more than 20 years of experience in real estate. His introduction to commercial real estate came while at Marcus & Millichap, but his most recent experience in the industry was with ESCEE Commercial Properties.

There, Duffy was a retail leasing specialist focused on working with landlords to stabilize challenged properties through aggressive and effective merchandising and lease plans. Prior to that, he spent a significant amount of his career focusing on residential real estate where he coordinated the development, financing, construction and sale of high-end residential and multi-family properties. Duffy also has experience developing successful sales programs and managing multi-state territories within the medical industry.

“We are excited to have Mike join us in the Phoenix office,” said Ed Beeh, executive vice president and market leader in the Phoenix office. “His track record shows great commitment and focus, and he will do well as he continues his career in commercial real estate.”

Duffy is a graduate of Arizona State University and is a member of the International Council of Shopping Centers (ICSC).

Geoffrey Harris joins CBRE Capital Markets

Geoffrey Harris, CBRE

Geoffrey Harris, CBRE

CBRE Group, Inc. today announced that Geoffrey Harris has joined the firm’s Capital Markets’ Debt and Structured Finance team as Senior Vice President. Harris is a financial services professional with more than 15 years of mortgage banking experience. Based in Phoenix, Harris will play a key role in originating net-leased transactions for the firm nationally, in the multi and single-tenant, office, retail and industrial properties space.

“I am thrilled to welcome Geoff to the team. He is a wonderful complement to our team of best-in-class debt and structured finance professionals,” said Bruce Francis, vice chairman, Debt and Structured Finance, CBRE. “His experience and skill set will expand CBRE’s reach and strengthen our capabilities to serve the diverse needs of our investment clients across the country.”

Harris joins CBRE from Meridian Capital where he was managing director. He previously served as vice president of Capital Markets at Marcus & Millichap, where he was a top performer and was ranked as a “Top Five Broker” nationally from 2007 through 2011, and a “Top Loan Originator” for three consecutive years. Additionally, he was the recipient of Marcus & Millichap’s National Achievement Award for five consecutive years. Over the course of his career, Harris has closed more than 2,000 loans in excess of $3 billion.

“Geoff’s years of experience coupled with his deep market knowledge make him an excellent addition to our team. In addition, he is one of the most respected finance professionals in the Phoenix commercial real estate market,” said Craig Henig, senior managing director, CBRE. “In our business things like integrity, trust and confidence define the line between success and failure. Geoff is the epitome of these qualities and we are fortunate to be able to call him one of our own going forward.”

Harris holds a B.S. in business management from Southwest Texas State University. Outside of CBRE, he is actively involved in the community donating to and volunteering with numerous organizations including Boys Hope Girls Hope Arizona, Boys & Girls Club of Metropolitan Phoenix, Brokers for Kids of Arizona, American Liver Foundation and Arizona March of Dimes, among many others. He is also very dedicated to raising funds and awareness for multiple sclerosis.

The Ranch, WEB

The Ranch at Midtown sells for $2.56M

Marcus & Millichap announced the sale of The Ranch at Midtown, a 32-unit apartment property located in Phoenix. The asset commanded a sales price of $2,560,000 or $80,000 a unit.

Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, negotiated the transaction on behalf of the buyer, a private capital investor out of the Los Angeles area. The seller was Avenue North, a local investment company which focuses on multifamily investment and repositioning.

“Situated in the heart of Uptown Central Phoenix, The Ranch at Midtown is a recently renovated art deco style apartment complex catering to the young professional tenant base. The property is located just walking distance from some of the city’s top restaurant attractions like Postino Central, Federal Pizza and Windsor. This area is a key destination for the young urban resident.” says Tranetzki.

The Ranch at Midtown is located at 110 & 118 W. Maryland Ave in Phoenix just west of Central Avenue and minutes from Downtown Phoenix, the Camelback Corridor, the Metro Light Rail and numerous retail, restaurants, and entertainment destinations that permeate the Central Phoenix corridor.

“The property is comprised of unique, well-designed one and two bedroom units that have been recently renovated to include new flooring, new appliances, new kitchen countertops and a modernized courtyard area, complete with a cabana style pool. Built in 1957 of block and concrete, this art deco style of construction is in high demand for this area.” adds Butler.

Mission Tierra

Marcus & Millichap closes $20M multifamily portfolio

The Tax Credit Group of Marcus & Millichap (TCG), the leading provider of LIHTC advisory and transaction services, announced today that it has closed a two-property, 425-unit multifamily portfolio transaction  in Tucson, Ariz. Combined, the properties encompass a total of 405,904 square feet. The total sales price for the portfolio is $19,575,000.

Casa de Colinas

Casa de Colinas

The two properties are Casa de Colinas Apartments/Casa de Colinas Townhomes, a 205-unit market-rate asset that sold for $12,750,000, which equates to $62,195 per unit, and Mission Tierra, a 220-unit property constructed in 1993 under the Section 42 low income housing tax credit program. Mission Tierra’s initial tax credit compliance period ended in 2008 and there are extended use restrictions in place until 2023. The apartment complex sold for $6,825,000 or $31,023 per unit.

Robert Sheppard, an executive vice president investments and TCG’s national director, along with Armand Tiberio and Spencer Hurst, both TCG senior directors, and Hamid Panahi, a senior associate in Marcus & Millichap’s Phoenix office, represented all the principals in both sales. Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the firm’s Phoenix office, also provided representation.

“The properties are located in two of Tucson’s most desirable submarkets,” says Panahi. “Both assets are well positioned for future growth as the local job market picks up speed. Demand for rental housing in Tucson is strong and average rents have advanced for four years consecutively.”

Both properties offer one-, two-, and four-bedroom floor plans. Interiors feature balcony or patio space, ample storage, and well-equipped kitchens. Select units have washer and dryer connections. Community amenities for each property include a clubhouse, two heated swimming pools and a spa, on-site laundry facilities, a children’s playground, covered parking and a barbecue area.

Built in 1998 on 23.8 acres, Casa de Colinas is located in Tucson’s western foothills, minutes from Interstate 10 and downtown. Mission Tierra is situated on 10.7 acres near Interstate 19 with access to downtown Tucson and the Tucson International Airport.