Latest deals from ABI, SVN, CBRE, Velocity, NAI
ABI brokers $8.825M apartment sale near Downtown Mesa
ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, announced the $8,825,000 / $90,979 Per Unit sale of the Serrano Gardens Apartments located in Mesa, Arizona. Originally built in 1973 and renovated in 2016/17, Serrano Gardens is a two story, garden-style apartment community that features 97 total units in 6 rental buildings constructed of wood frame and stucco. The property has flat roofs and rests on approximately 3.17-acres. The unit mix consists of 16 one-bedrooms and 81 two-bedrooms with a weighted average size of 722 square feet. Each unit is individually metered for electricity with individual hot water heaters. The community also provides its residents with modern a clubhouse / business center, attractive (and easily maintained) desert landscaping, laundry facility, picnic area with barbeque grills, a video library, fenced-in soccer field, and covered parking.
“Serrano Gardens is ideally located, having major street frontage on Broadway Road and near the site of a future light rail station on Gilbert Road,” states Eddie Chang, Partner at ABI, who along with Doug Lazovick, Partner, represented the seller in the transaction. “The seller purchased the property in 2016 and immediately began making renovations to the common area and to unit interiors, which included adding in-suite washer and dryers.”
“This marks the second Mesa area purchase for the buyer,” states Alon Shnitzer, Senior Managing Partner at ABI, who represented the buyer in the transaction. “Mesa leads the Phoenix Metro in occupancy at 96.1% as of the end of the 2Q. Additionally, Mesa has been a leader in average per unit rent growth, up 5.6% y-o-y, as tenants look for more affordable housing options as newer construction on the metros interior have driven up rents.”
The buyer is a private investment partnership based in California.
The seller, Income Property Investors, is a private investment company based in San Diego, CA.
The multifamily brokerage team of Alon Shnitzer, Eddie Chang, Doug Lazovick, John Kobierowski and Rue Bax represented both the buyer and seller in this transaction.
ABI brokers 44-unit deal near Christown Spectrum Mall
ABI Multifamily announced the $4,170,000 / $94,772 Per Unit sale of the Phoenician Condominiums located in Phoenix, Arizona. Originally built in 1964, Phoenician is a two story, garden-style community that features 44 total units of block construction. The property has pitched roofs and rests on approximately 1.06-acres. The unit mix consists entirely of two-bedroom, one-bath units with an average size of 920 square feet. Each unit is individually metered for electricity.
“Phoenician is centrally located near the 19th Avenue Light Rail corridor near Christown Spectrum Mall,” states Eddie Chang, Partner at ABI, who along with Ryan Smith, Vice President, represented both the buyer and the seller in the transaction. According to Smith, “the West Phoenix Submarket, particularly the area between 7th Ave to 19th Ave from Camelback to Bethany Home has experienced a tremendous amount of interest, not only from investors but also renters. Renters are moving there for reduced rents, especially when compared to the high-end construction occurring in Phoenix’s Midtown and Downtown submarkets, and investors are looking to the area for value-add plays.”
The buyer is an experienced private investment partnership based in Arizona. There were 14 separate sellers in this transaction.
ABI brokers $6.25M apartment sale near Westgate Center
ABI Multifamily announced the $6,250,000 / $107,758 Per Unit sale of Sierra Verde Villas located in Phoenix, Arizona. Built in two phases, 1987 and 1999, Sierra Verde Villas is a garden-style apartment community that features 58 units in 4 rental buildings constructed of wood frame and stucco. The property has pitched composition shingle roofs and rests on approximately 3.25-acre. The unit mix consists of (47) two bed and (11) three bed units with an average size of 1,051 SF. The property offers air conditioning / heating, dishwasher, refrigerator, range / oven, microwave, washer/dryer, vaulted ceilings and walk-in closets. This gated community also provides its residents with two covered car ports, a landscaped community courtyard, private patios in select units and secure storage units.
“Sierra Verde Villas is located near Westgate Center, Cardinal Stadium, shopping, dining, sports, entertainment and easy access to the Loop 101 Freeway. The majority two and three-bedroom units was very appealing to the Buyer and their ability to add value over time,” states Rue Bax, Senior Managing Partner at ABI, who represented both the Buyer and the Seller in the transaction.
The Buyer is a private multifamily investor based in Phoenix, AZ.
The Seller is an experienced private investor based in Southern California.
The multifamily brokerage team of Rue Bax, John Kobierowski, Alon Shnitzer, Eddie Chang and Doug Lazovick represented both the Buyer and Seller in this transation.
Upscale Scottsdale gallery sold for $2.45 million
SVN Desert Commercial Advisors sells another multi-million dollar listing in Scottsdale. Senior Advisor, Judy Jones represented the
sellers of 4201 N. Marshall Way which has been home to the Calvin Charles Gallery for over ten years. The upscale gallery brought together an eclectic blend of international artists living and working in the USA and Masters of Europe and Asia. The property was redeveloped by Cal & Deborah Puckett who were avid collectors.
SVN Advisor, Judy Jones met them when they moved to Scottsdale and helped them locate gallery space to lease. After establishing their business they acquired 4201 N. Marshall Way which had previously been the Elaine Horwich Gallery. They renovated the property, built a high-end residential dwelling on the second floor and opened a magnificent gallery on the first floor. The contemporary building had a glass front which was a spectacular display area for the art and the second floor had two large patios with views of Camelback Mountain.
After the passing of the owners, their friend and business partner, Charles Joyce took over operation of the business and continued their legacy. The buyer, John Vatistas has purchased other properties in the area. He has secured a national lighting retailer to lease the first floor and is working with an architect to reconfigure the second floor.
Jones stated “The owners had a vision and created a wonderful gallery for those who appreciated fine art.: Having lived all over the world, they had an appreciation for different cultures and were inspired to bring this to Scottsdale. They turned their love of art into a magnificent business that will be remembered for many years to come.”
SVN closes on portfolio in Florida
While SVN Desert Commercial Advisors is a full service commercial real estate firm, SFR Hub works specifically with all SVN brokerages within our network to host SFR portfolios all across the nation. Desert Commercial Advisor Jonathan Levy represented the buyer in the sale transaction.
The SFR portfolio is located in Milton, Florida. The transaction consisted of a 17-home single family residential portfolio that was fully leased at the time of the sale. The portfolio sold for $860,000 and was in escrow only 45 days from open to close. Levy represented the Assignee, Choirce4Home Advantages, LLC and SFR Hub’s Michael Finch represented the Assignor, B&G Landholdings, LLC. The buyer, Peter Vamavski is located in Newcastle, Washington.
Levy stated, “This transaction is a great example of why the SVN Difference matters.” After an initial Monday morning sales call presentation, the buyer’s agent, I presented the opportunity to his client and both parties were able to complete a successful close of escrow. Levy’s client added another opportune SFR portfolio to their already impressive SFR portfolio holdings which are located in other states across the United States.
CBRE sells Buckeye apartment community for $6.25 million
CBRE has completed the sale of Camelot Apartments, an 80-unit garden-style apartment community located at 1022 E. Narramore Avenue in Buckeye, Ariz. Aztec Properties, LLC of Scottsdale, Ariz. acquired the property from Phoenix-based Camelot Condominiums, LLC for $6.25 million.
Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Phoenix represented both the buyer and seller in the transaction.
The property is comprised of four buildings, with a total of 40 one-bedroom units and 40 two-bedroom units. Of these, 42 units have been renovated. Community amenities include a swimming pool, on-site laundry, covered parking and private storage units.
Located in the Southwest Valley, Camelot Apartments is conveniently located in an expanding area due to warehouse influx. Current rents are approximately 15 percent below market and there are only a few “market rate” multifamily rental options in Buckeye. Because of the proximity to California and the limited space in central Phoenix, demand for jobs and housing is increasing. Camelot Apartments has an abundant exposure to entertainment attractions, medical facilities and warehouse employment.
Old Navy expands in Queen Creek with 20th store in Arizona
Dave Cheatham, President, Darren Pitts, Executive Vice President, and Bonnie Arlia, Senior Vice President of Velocity Retail Group recently finalized a lease of 12,500 square feet on behalf of Old Navy. The new store will be located in the Queen Creek Marketplace shopping center located at the southwest corner of Rittenhouse Road and Ellsworth Road in Queen Creek. They will occupy part of the former Cost Plus World Market space. The Landlord, Vestar QCM, LLC, was represented by Matt Milinovich of Strategic Retail Advisors. When the store opens in August of 2019 it will be the 20th Old Navy store in the Arizona market.
“Old Navy will be a great complement to the shopping center which is anchored by Target and Kohl’s. The trade area has grown nearly fifty percent in the past five years. This store rounds out our east valley market strategy and will be a welcome addition for the Queen Creek community,” said Cheatham. It was 25 years ago that Dave Cheatham began working with Gap, Inc. on all of their concepts throughout their Arizona market. The Velocity Retail team is responsible for putting the first Old Navy in Phoenix in 1994, when the brand was first launched.
This is the third Old Navy store the team has completed in the past year and represents another big box leased in the Valley. Velocity Retail has leased more big boxes than any other firm in the market.
NAI Horizon’s recent deals
The long-term lease of a former movie theater converted to Class A office space in Mesa, Arizona, and the $1 million sale of an office building in Goodyear, Arizona, highlight recent transactions closed by NAI Horizon professionals.
Tyler Smith negotiated the sale of a 4,011 SF office property, representing the seller, CAZ Investments, LLC, for $1 million. The property is located at 14445 W. McDowell Rd., Goodyear, AZ. Bob Broyles with Colliers International represented the buyer, Tennefos Property, LLP.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon negotiated the sale of a 1.16-acre property, representing the seller, The Market at Estrella Falls, LLC, for $950,000. The property is located at 1600 N. Pebble Creek Parkway, Goodyear, AZ.
Matt Harper negotiated the sale of a 2,400 SF property, representing the seller, Atlas Commercial, LLC, for $895,000. The property is located at 106 N. Tonto St., Payson, AZ. Michelle Hagan with West USA Realty represented the buyer, Robert Santoro.
Jeff Adams negotiated the sale of a 5,000 SF property, representing the buyer, Onsite Commercial Services, LLC, for $280,000. The property is located at 169 and 237 E. Broadway Rd., Mesa, AZ. Rex Griswold and Andy Jaffe with J&J Commercial Properties represented the seller, Gloria V. Sano.
Laurel Lewis, Barbara Lloyd and Lane Neville represented the landlord, Old Town Val Vista, LLC, in a long-term office lease for 59,418 SF at 3707 E. Southern Avenue, Mesa, AZ.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, Pei Wei Asian Diner, LLC, in a 120-month retail lease for 2,500 SF. Zach Pace with Phoenix Commercial Advisors represented the landlord, Queen Creek AZ, LLC.
Isy Sonabend represented the tenant, Elliott Electric Supply, in an 89-month industrial lease for 19,000 SF at 2250 W. Broadway Rd., Mesa, AZ. Mike Haenel with Cushman & Wakefield represented the landlord, Western B West AZ, LLC.
Tyler Smith represented the tenant, Magnus Title Agency, LLC, in a 63-month office lease for 2,918 SF at 6991 E. Camelback Square, Scottsdale, AZ. Colton Trauter with Lee & Associates represented the landlord, Velocis Camelback, LP.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, New Bell Tower, LLC, in an 86-month retail lease with The Grid Cyber Lounge, for 3,600 SF at 4913 W. Bell Rd., Phoenix, AZ.
Jeff Adams represented the tenant, Nutraceutical Produce, LLC, in a long-term industrial lease for 5,000 SF at 2235 W. First St., Tempe, AZ. Franklin Connell with Cutler Commercial represented the landlord, A & S Mini Warehouse.
Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, RJS 45th Place, LLC, in a 64-month lease with Jimmie and Joe’s Pizza, for 1,300 SF at 4550 E. Bell Rd., Phoenix, AZ.
Matt Harper represented the landlord, Yee Legacy II, LLC, in a 63-month retail lease for 1,610 SF at 18914 E. San Tan Blvd., Queen Creek, AZ.
Matt Harper represented the landlord, Elmo Tari Trust, in a 25-month retail lease for 1,400 SF at 12235 N. Cave Creek Road, Phoenix, AZ. David Aronson with Berkshire Hathaway represented the tenant, PHX Animal Behaviour Center, LLC.
Matt Harper represented the landlord, M&N Realty, LLC, in a 63-month retail lease for 1,227 SF at 12020 S. Warner Elliot Loop, Phoenix, AZ.
Matt Harper represented the landlord, Kayrich Associates, in a 38-month retail lease for 3,633 SF at 6445 N. 51st Ave., Glendale, AZ.