93-unit multifamily community sells for $5.5M
Phoenician Villa Apartments, located at 1545 West Camelback Road in Phoenix, Arizona, has sold for $5,500,000 to Thomas Pride International and ECOHAUS Real Estate, a real estate development and redevelopment company that focuses on the creation and renovation of urban infill sustainable communities. The seller was Neilstate Investment Properties, LLC, a real estate investment partnership. Kidder Mathews multifamily investment broker, Karl Abert, represented Thomas Pride International and ECOHAUS Real Estate in the transaction.
The Phoenician Villa Apartments present an exceptional value-add opportunity to renovate and reposition a multifamily community in a rapidly gentrifying location. The Camelback Road submarket offers a high concentration of upscale retail, restaurants and a diverse employment base. The community resides between the AZ-51 and I-17 freeways and offers residents convenient access to the Valley Metro Light Rail.
“Thomas Pride International and ECOHAUS Real Estate partners are enthusiastic to have acquired the 93-unit Phoenician Villa Apartments and execute their proven, innovative and award-winning multifamily community transformation,” said Abert. “The Phoenix Camelback corridor will be significantly enhanced and improved by another distinguishing Thomas Pride International and ECOHAUS Real Estate community,” he said.
Lee & Associates brokers sale of Cornwell Technology Center for $9.9M
Lee & Associates Arizona Principals Mark Linsalata, Patrick Dempsey and Jan Fincham arranged the sale of Cornwell Technology Center in Scottsdale, Ariz. for $9.9 million. The Lee & Associates team facilitated the transaction on behalf of the seller, Andersen Equities, LLC. The buyer, KPN Industrial, LLC, was assisted by Ron Schooler and Ken Elmer of Commercial Properties Inc.
Situated on 4.78 acres at 17301 N. Perimeter Drive, the 56,634-square-foot Cornwell Technology Center consists of two freestanding multi-tenant R&D industrial buildings with high quality tenants located within the Class A Perimeter Center Business Park in Scottsdale.
“Cornwell Technology Center is attractive to investors because of its strategic location in the Scottsdale Perimeter Center, the proximity to the Scottsdale Airpark, and the long term stable income of a 100-percent occupied property,” said Dempsey.
Built in 2000 by the Cornwell Corporation, the fully-occupied asset is 100-percent air conditioned, providing high-quality space for firms with complex and precise processes requiring clean rooms and labs. The property’s tenants include:
• Hemisphere GNSS – creates innovative satellite positioning products and solutions.
• Provista Diagnostics Inc. – connects healthcare customers to best-priced supplies and services.
• Plastic Design Company – offers custom plastic design and fabrication service.
“The property features convenient access to the Loop 101 Freeway and Bell Road and has approximately 150,000 residents within a five-mile trade area,” said Linsalata. “Also, in that same trade area, there are over 10,000 businesses with over 128,000 employees. Taser International, Pulte Homes, GE Franchise Finance, US Bank, Fender Guitar and Ryland Mortgage all have offices in within the surrounding areas.”
3-property portfolio sold in Tucson
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 three apartment properties in Tucson, AZ: River View Villas, Santa Cruz Vista, and Westlake Village, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices. The portfolio, totaling 236-units, sold for $8,600,000.
Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office, along with Peter R. Flis, an investment specialist in Marcus & Millichap’s Sacramento office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“The West Tucson portfolio sale was successful due to collaborative efforts between Hamid, James and Peter which brought together relationships from Arizona and California to help our clients achieve their investment goals,” says Sarbinoff.
The buyer, an individual/personal trust, was also secured and represented by Panahi, Crawley, and Flis.
“The three assets are an excellent addition to the buyer’s portfolio in Tucson, as it results in immediate scale in the southwest Tucson submarket,” says Crawley.
“Extensive capital improvements were recently completed at the property, but the buyer has further opportunity to add value through both exterior and interior enhancements,” added Panahi.