Western Real Estate Business

SEP 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A www.REBusinessOnline.com Western Real Estate Business • September 2018 • 31 S O U T H W E S T IPA BROKERS $60.5 MILLION SALE OF 402-UNIT MULTIFAMILY PROPERTY TEMPE, ARIZ. — Institutional Prop- erty Advisors (IPA), a division of Mar- cus & Millichap, has arranged the sale of Willow Creek, a value-add multi- family asset located in Tempe. Acacia Capital sold the property to JB Part- ners for $60.5 million, or $150,498 per unit. Constructed in 1984, the prop- erty features 402 apartment units, three swimming pools and a recently renovated clubhouse. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction. MISSION SENIOR LIVING STARTS CONSTRUCTION OF $8 MILLION COMMUNITY MESQUITE, NEV. — Mission Senior Living has started construction of Mesa Valley Estates Assisted Living and Memory Care, an $8 million seniors housing community in Mesquite, near the Arizona border. The 61,386-square- foot, one-story community will feature 54 assisted living apartments and a memory care neighborhood with 24 apartments. Project partners include Pinnacle Architects and MSL Con- struction. The project is scheduled for completion in summer 2019. KASTEN LONG COMMERCIAL FACILITATES $38.2 MILLION SALE OF 387-UNIT MULTIFAMILY PROPERTY PHOENIX — Kasten Long Commer- cial Group has arranged the sale of Azura, a 387-unit apartment complex located at 2800 W. Sahuaro Drive in Phoenix. An undisclosed buyer ac- quired the asset for $38.2 million, or $139.84 per square foot. Built in 1980, the property features 43 studio/one- bath units, 232 one-bedroom/one- bath apartments, 24 two-bedroom/ one-bath units and 88 two-bedroom/ two-bath layouts. The average unit size is 706 square feet. Linda Fritz- Salazar and Scott Trevey of Kasten Long Commercial Group handled the transaction. NORTHCAP MULTIFAMILY BROKERS $7.5 MILLION SALE OF APARTMENT ASSET LAS VEGAS — NorthCap Multifam- ily has arranged the sale of Tamma- ny Hall and Rochelle Manor Apart- ments, a multifamily property located at 4320, 4340 and 4386 Escondido St. in Las Vegas. Built in 1972, the as- sets offer a total of 149 multifamily units. Indiana LLC sold the property to an undisclosed buyer for $7.5 mil- lion. The buyer plans to implement a renovation program at the value-add property. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of NorthCap Multifamily represented the seller in the transaction. RECRUITING Top Talent INCREASING Market Share GROWING The Platform CLOSING Large Assignments As one of the world's leading commercial real estate advisory firms, Newmark Knight Frank is transforming businesses and properties, and exceeding client expectations. DELIVERING EXCEPTIONAL RESULTS Newmark Knight Frank is taking on the Phoenix market with tremendous momentum and continues to pioneer winning real estate solutions. ngkf.com/phoenix North America • Latin America • Europe • Asia-Pacific • Africa • Middle East 2398 E Camelback Road, Suite 950, Phoenix, AZ 85016 • 602.952.3800 Located in Tempe, Willow Creek features 402 apartments, three swimming pools and a clubhouse. DHIR CAPITAL ACQUIRES SHOPPING CENTER NEAR PHOENIX FOR $7 MILLION GOODYEAR, ARIZ. — Vancouver, Canada-based Dhir Capital has purchased Goodyear Central Marketplace, a neighborhood shopping center located at 13530-13650 W. Van Buren in Goodyear. 6601 Convoy Court, an entity formed by CIRE Equity of San Diego, sold the property for $7 million. Chris Hollenbeck of Cushman & Wakefield Phoenix represented the seller in the deal. Built in 2006, the 61,146-square-foot property is occupied by 99 Cents Only, BPL Plasma, Hertz, a diner, a nail and day spa, and a barber shop. At the time of sale, the property was 91 percent leased.

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