Tag Archives: Multi-Family

Adobe_Ridge_Night_13_med, WEB

IPA arranges $26M sale of Adobe Ridge in Glendale

Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Adobe Ridge, a 224-unit apartment complex in Glendale, Ariz. The $26,050,000 sales price equates to $116,000 per unit.

IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Farnum Properties LLC. The buyer is The Praedium Group.

“Adobe Ridge is located between the affluent and amenity-rich trade area known as Arrowhead and the North I-17/ Deer Valley Employment Corridor, an area encompassing more than 17.5 million square feet of retail, office, industrial and flex space with more than 51,000 employees,” says Gebing. “The benefit of the property’s position within the competitive landscape of the submarket is that it provides for a captive rental audience by bisecting the two major employment concentrations.”

Built in 2005 on almost 15 acres by MLP Investments, the property is located at 4545 West Beardsley Road in Glendale. It is adjacent to Loop 101 (the Agua Fria Freeway) and has approximately 1,144 linear feet of drive-by visibility from an estimated 153,000 daily freeway commuters.

Each Adobe Ridge apartment home features nine-foot ceilings, a fully equipped gourmet kitchen, full-sized washer and dryer, storage space, large walk-in closets, ceiling fans, and a private patio or balcony with additional outside storage. Linen closets and kitchen islands are available in select units. Community amenities include a stand-alone leasing office and separate clubhouse with kitchenette and fireplace, a fitness center with cardio and weight training equipment, a fully appointed business center, a resort-style swimming pool and spa with covered cabanas, outdoor spaces featuring picnic areas and barbecue grills, controlled access gated entry and 40 detached garages with automatic door openers.

CBRE reports recent multi-family transactions

CBRE has negotiated the following multi-family sales transactions:

Paradise Vista
7102 North 43rd Avenue Partners, LLC of Denver, Colo. has purchased the Paradise Vista apartment complex, a 352-unit multi-family property located at 7102 N. 43rd Ave. in Glendale, Ariz., from Paradise Vista Affordable Apartments, LLC of San Diego, Calif. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $7 million transaction.

Carol Mary 2
Carol Mary, LLC of Phoenix, Ariz. has purchased the Carol Mary apartment complex, a 40-unit multi-family property located at 501 East Willetta in Phoenix, Ariz., from EQ Downtown, LLC of Tempe, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $3 million transaction.

Continental Apartments
M & S Continental, LLC of Phoenix, Ariz. has purchased the Continental Apartments, a 48-unit multi-family property located at 1030 N. 3rd St. in Phoenix, from EQ Downtown, LLC of Tempe, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $2.3 million transaction.

Liv Avenida, IPA Management, which won the Developer’s Award for Best Community built in 2012-2013.

AMA honors communities, leaders at annual Tribute Awards

The multihousing industry has had a remarkable year of renewed optimism in the housing and rental markets. The Arizona Multihousing Association brings apartment industry leaders together for one night a year at its annual Tribute Gala to celebrate the successes of the teams, individuals, volunteers and communities that are best in class.

On Thursday night, a sold out crowd of more than 1,200 apartment industry leaders from around Arizona gathered for the annual Tribute Gala to learn who would be honored as the best individuals, teams, and communities from the list of finalists. These winners were judged in a competitive judging process and the 22 winners were selected from the more than 400 statewide nominations.

This year, the AMA added a few new categories including one for best renovated property and affordable community.

“As the apartment industry continues to grow in Arizona, we are seeing large investments in renovations and in affordable housing for workers. It’s important for our industry to recognize these new housing options and the influence these communities have on the greater community,” said Tom Simplot, President and CEO of the Arizona Multihousing Association.

2014 Arizona Multihousing Association Tribute Award Winners

COMMUNITY AWARDS

Developer’s Award for Best Community Built 2012-2013:
Liv Avenida, IPA Management

Renovated Community of the Year:
Camden San Marcos, Camden Property Trust

Affordable Community of the Year:
Escala Central City, Allison-Shelton Real Estate Services, Inc.

Best Team & Community of the Year Built Prior to 1995:
The Place at Forest Ridge, MC Residential

Best Team & Community of the Year Built Between 1995-2005:
Mirabella Village, Greystar Real Estate Partners, LLC

Best Team & Community of the Year Built Between 2006-2013:
Serafina, Fairfield Properties, L.P.

Best Team & Community of the Year Outside the Valley:
The Woods, Nicolosi & Fitch, Inc.

INDIVIDUAL AWARDS

Industry Partner of the Year:
Adam Greco, Burns Pest Elimination

Industry Partner of the Year Tucson:
Tim Furnas, Valley Protective Services

Volunteer of the Year:
Greg Morehead, Fairfield Properties, L.P.

Volunteer of the Year Tucson:
Elizabeth Beaulieu, Nicolosi & Fitch, Inc.

Courtesy of Deco Communities

Deco Communities announces Edison Midtown in Phoenix’s Central Corridor

Midtown Phoenix is getting a hip new neighbor. Scottsdale-based Deco Communities has closed on a key parcel of land that will be transformed into Edison Midtown, a new urban contemporary condominium in the heart of Phoenix’s urban core. Located at 2346 N. Central Ave. the address says it all, Edison is central to Midtown’s buzzing scene filled with food, arts, culture and history Demolition of the vacant office building on the site will occur in the summer 2014 and the $22M redevelopment is slated for a 2016 completion date. Developed exclusively by Deco Communities, Edison Midtown will be the first major residential development announced for the Central Corridor since 2008.

“The Edison Midtown project taps into the soul of the city, utilizing the unique identity of the neighborhood to create an authentically local living space that caters to the tech-savvy, community-oriented Gen Y consumer that lives and breathes the urban lifestyle,” said Rob Lyles, partner for Deco Communities. “Our outstanding team of architects and designers has worked diligently to curate a thoughtful living experience that is true to the virtues of Phoenix’s downtown dwellers,” he said. “ Downtown Phoenix is experiencing a surge in housing demand spurred by the recent $4.5 billion investment by the public and private structure in infrastructure, transportation, education and tourism.  Deco is excited to have the chance to provide housing that both starts to address this demand and does so with a design that is true to the modern Phoenix aesthetic.”

Fueled by imagination and innovation, the Edison Midtown will include 80 unique residential units , many with stunning Instagram-ready views of the horizon and city lights. The city’s best indie coffee shops, bars, live music venues, funky boutiques and museums are all just steps away.  The units will range from approximately 800 to 1,350- square feet. Each residence will enjoy contemporary kitchens with opening shelving and repurposed countertops, gas appliances, 10 foot ceilings, steam showers, spacious walk-in closets, wood flooring and large balconies perfect for entertaining and soaking in the extraordinary city views. Pricing will start in the high $200’s.

With a mix of modern amenities and charmingly retro design inspirations, Edison Midtown speaks to the heart of the Gen Y urbanite.  Brought to life by the award-winning Los Angeles architecture firm Harley Ellis Devereaux, lead architect Daniel Gehman drew inspiration from the past and present of the iconic Midtown neighborhood, its Willo district roots, and its urban dwellers. As a result, the building is designed to be a confluence of community, the kind of place that fosters socializing and sharing and integrates seamlessly with the vibrant community around it. With a pulse exactly where trendy meets classic meets cool, Phoenix-based interior design firm Private Label will style the interiors.

Drawing from inspiration from illustrious hangouts such as the Ace Hotel brand found Palm Springs, Portland, London and LA, the contemporary building is styled with a hat tip to Frank Lloyd Wright’s early designs and rises 5 stories above a two-level underground parking structure offering 145 private parking spaces.  With the project’s close proximity to the Light Rail and just steps from the Central/Encanto Light Rail station, Edison Midtown residents can take advantage of Phoenix’s best urban transportation system or bike the city with ease.

Designed to foster a sense communal living, Edison Midtown will be a hub of activity with an array of social amenities including a garden-inspired courtyard pool and spa, a “cross-fit” style fitness center with yoga, secure bike storage, Wi-Fi common areas, electric car charging stations and more. The ultimate urban sanctuary, the Edison Midtown will afford residents a superior work, live, play lifestyle at the center of the thriving city.

Jefferson on Legacy, WEB

TDI Begins Construction of Jefferson on Legacy

TDI Real Estate Holdings LLC, a developer of Class-A multi-family housing, has begun construction on the second  phase of a project that will bring up to 750 units of luxury housing to Scottsdale.  Construction of Jefferson on Legacy is presently underway on 322 units scheduled for completion in 2015.

The site is located within the One Scottsdale master-planned development located at the northeast corner of the 101 Freeway and Scottsdale Road in the heart of the growing north Scottsdale corporate corridor. The 80-acre mixed-use property is planned for specialty retail, dining, Class-A office and hotel uses, along with a variety of luxury residential choices.   The corporate component is anchored by the Dial/Henkel North American Headquarters. The retail mixed-use component is owned by DMB Associates, Inc. in partnership with national retail developer Macerich.  Michael Burke, Vice President of DMB Commercial said, “TDI’s Jefferson community at One Scottsdale has been a great complement to the vision for this community.  One Scottsdale’s unique location and proximity to employment and entertainment make it a highly desirable destination.   We are looking forward to another phase of this luxury multifamily community.”

“We will be offering the market another superior product with unprecedented amenities and an ideal location near employment centers and adjacent to the Grayhawk luxury golf course,” said Gus Villalba, TDI Executive Vice President and Investment Partner. “Jefferson on Legacy will be the premier luxury multi-family project in north Scottsdale to meet a growing demand for upscale housing in this submarket, which is a major employment center for the region.”

Jefferson on Legacy will consist of 150 one bedroom/one bath apartments, 151 two bedroom/two bath apartments and 21 three bedroom/three bath apartment homes. Residents will be able to enjoy a 10,400 square foot clubhouse including: a lounge with arcade games, media room, gourmet kitchen and fitness center with spin bikes, resort size swimming area with spa and Wi-Fi access in all common areas.  The site includes 242 garage spaces, 134 carport spaces, and open parking to satisfy all parking needs.  The entire complex will be access controlled.

Financing was arranged by JLL (Jones Lang LaSalle L.P.) with a construction loan through Fifth Third Bank and equity financing from a well-established Institutional Equity Provider.

A1 Project Data _ Layout

New to Market: The Lofts at Hayden Ferry

Project Name: The Lofts at Hayden Ferry

Developer: OliverMcMillan

General Contractor: Adolfson & Peterson Construction

Architect: Pappageorge Haymes Partners / Todd & Associates

Location & City (major crossroads/exact address): 260 Rio Salado Parkway, Tempe, Arizona

Size (SF): 497,000 SF

Value: $40M

Estimated start and completion dates (by month or quarter): June 2014 / December 2015

Project Description/Additional Information: Situated on a 3.69-acre site adjacent to Tempe Town Lake, the high visibility development consists of 264 Class A market-rate apartments in four stories of wood framed structure with two levels of parking below grade. The podium will be elevated approximately four feet above grade which will enhance the characteristics of its architecture in addition to lessening the potential of subterranean water issues due to the proximity of the project to the existing lake. The site is currently vacant and is part of the Hayden Ferry Lakeside Master Plan, near Arizona State University and the Mill Avenue Entertainment District. 

RED Awards Banner

Best Multi-Family Project 2011

Vi at Silverstone

Best Multi-Family Project 2011: Vi at Silverstone, The Plaza CompaniesDeveloper: The Plaza Companies
Contractor:
Summit Builders
Architect:
DAVIS
Size:
735,651 SF
Location:
23005 N. 74th St., Scottsdale
Completed:
March 2010

Vi at Silverstone is a new, continuing care retirement community on a 35-acre campus. It consists of a 4-story, 467,857 SF main lodge building with 203 independent living units, an underground parking structure, a 2-story care center with 60 units and 67 residential villas. Common areas include formal and casual dining rooms, a lounge, indoor and outdoor pools, gym facilities, a theater, and an 18-hole putting course. Vi was “fast-tracked,” with the first phase completed 3 months ahead of schedule and the second phase completed one month ahead of schedule. Traditional materials, classic architectural and attention to detail placement are components of the distinct styling of the community. Vi’s purpose is to provide older adults with a superior living environment.




Honorable Mention: Sagewood, Phase 1

Honorable Mention: Sagewood, Phase 1; LCS/Westminster Partnership IVDeveloper: LCS/Westminster Partnership IV
Contractor:
The Weitz Company
Architect:
Todd & Associates
Size:
878,559 SF
Location:
4555 E. Mayo Blvd., Phoenix
Completed:
November 2010