multifamily Archives

Phoenix multifamily market hits strongest level in 10 years

Capital Place, Downtown Phoenix
by in AZRE Magazine | Multi-Family

Colliers International in Greater Phoenix released its mid-year 2016 Multifamily Statistics, which reports that the past three months were the strongest quarter in 10 years for property sales. The multifamily market is expected to continue its improvement during the second half of the year. Investment activity reached its highest point since 2007 this past quarter… Read More →

Colliers negotiates $5.45M west Phoenix apartment sale

Colliers
by in AZRE Magazine | Brokerage | Multi-Family

Colliers International of Greater Phoenix negotiated the $5.45 million sale of Bella Rio Apartments at 4903 W. Thomas Rd. in West Phoenix. The property was sold to a local investor who is adding the development to his existing portfolio of local apartment projects. “Bella Rio is a perfect example of a property purchased to take… Read More →

ABI Multifamily negotiates Biltmore Corridor sale

ABI Multifamily
by in AZRE Magazine | Brokerage | Multi-Family

Brokerage firm ABI Multifamily negotiated the $6,045,000 ($118,529/Unit) sale of the 18 at Biltmore Apartments, a 51-unit apartment community located in Phoenix, Arizona. 18 at Biltmore is a low density, one and two-story apartment community built from 1957 to 1962 of concrete construction and sits on approximately 3.5 acres of land. The property consists of… Read More →

Meridian arranges $14.5M in financing for Phoenix property

Meridian
by in AZRE Magazine | Multi-Family

New York-based Meridian Capital Group arranged $14.5 million in permanent financing for the refinance of a multifamily property located in Phoenix. The ten-year loan, provided by a national CMBS lender, features a fixed rate of 5.20 percent and two years of interest-only payments. This transaction was negotiated by Meridian Vice President Aaron Stempel, who is… Read More →

Berkadia sells Mesa apartments for $12.5M

Mesa apartments
by in AZRE Magazine | Multi-Family

Berkadia negotiated the $12.5 million sale of Superstition Villas, a multifamily property located in Mesa. Senior Managing Director Mark Forrester, Managing Director Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff of the Phoenix office negotiated the transaction, which closed on July 1. Arizona-based MRI Saddlehorn Superstition Investment Fund, LLC sold the property, and… Read More →

CBRE completes sale of Tamarron Apartments

Tamarron Apartments
by in AZRE Magazine | Brokerage | Multi-Family

CBRE completed the sale of the Tamarron apartments, a 328-unit multifamily community located at 4410 N. 99th Avenue in Phoenix, Arizona. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction on behalf of the seller. Joseph Dietz with Orion Investment Real Estate represented the buyer. “Tamarron is ideally… Read More →

ABI Multifamily hires VP to Phoenix HQ

ABI Multifamily

The expansion of the ABI Multifamily‘s Phoenix Headquarters continues with the welcoming of Royce Munroe as Vice President of the Mid/Small Apartment Group. “Royce provides an extremely unique and valuable perspective to our organization; specifically, he co-founded and led Southwest Realty and Property Management prior to its acquisition and was responsible for over 1,200-plus residential… Read More →

Glendale Manor Apartment Homes sold for $10M

Glendale Manor Apartment Homes (Photo courtesy of ABI Multifamily)

ABI Multifamily, a multifamily brokerage and advisory service firm, announced the sale of the Glendale Manor Apartment Homes for $10 million on Monday. The 328-unit complex sits on 11.71-acres of land less than one mile from Downtown Glendale and includes 39 total buildings plus the leasing center. The property, built in phases between 1963 and… Read More →

Cushman & Wakefield sell Chandler apartments for $21.65M

Chandler Apartments
by in AZRE Magazine | Brokerage | Multi-Family

Cushman & Wakefield negotiated the sale of Chandler apartments, which sold for $21.65 million. Park Tower Apartments, a 180-unit value-add multifamily investment at 1283 W. Parklane Blvd. in Chandler, was sold to Chicago-based 29th Street Capital. Cushman & Wakefield Executive Managing Directors Steven Nicoluzakis and David Fogler of the Phoenix office represented the seller, Scottsdale-based Clear Sky Park… Read More →

Marcus & Millichap sells Phoenix multifamily complex

multifamily
by in AZRE Magazine | Multi-Family

The Phoenix office of commercial real estate investment services firm, Marcus & Millichap (NYSE: MMI), completed the sale of The Shorewood, a recently renovated mid-century art deco style apartment building in the Midtown Phoenix corridor. The apartments sold for $2,650,000 or $126,190 a unit, and are located at 3601 N. 5th Ave. in Phoenix. Brian Tranetzki and Rich Butler, multifamily investment… Read More →

Scottsdale luxury apartments to offer hotel perks

Luxury apartments
by in AZRE Magazine | Multi-Family

A new luxury living apartment complex is opening up in Scottsdale in mid-June, a stone’s throw from local hangout spot Hotel Valley Ho. When The Standard opens, it will be the only luxury apartment community that is partnered with a hotel to offer resident perks such as access to the Valley Ho pool, spa and room… Read More →

Marcus & Millichap arrange $13.8M sale

Sale
by in AZRE Magazine | Brokerage | Multi-Family

The Phoenix offices of Marcus & Millichap (NYSE: MMI) arranged the sale of Redwood Place, an 186-unit multifamily community in Phoenix. The $13,805,000 sales price measures out to more than $74,000 per unit. “Built in 1984, Redwood Place has a collection of interior characteristics and contemporary amenities that are atypical of its era,” says Cliff David,… Read More →

New homes coming to Biltmore area

Biltmore
by in AZRE Magazine | Multi-Family

Presidio Residential Capital has partnered with Family Development to build a new community called Encue, offering 46 single-family attached homes at the southwest corner of Campbell and 25th Street near the Biltmore neighborhood in Phoenix. Vertical construction has already begun at the site. The retail value of this development will exceed $22 million. The two-acre property was the site of… Read More →

Berkadia completes midtown Phoenix multifamily sale

Berkadia
by in AZRE Magazine | Multi-Family

Berkadia completed, Wednesday, the sale of Barrington Regent, a Class B rental community in Phoenix. The $11 million sale was completed on May 18, and reflects a $88,709 per-unit price. Located at 825 W. Osborn Road, Barrington Regent is less than a mile from the Metro Light Rail and approximately one mile from the Downtown… Read More →