Deal Tracker: Multifamily Investors Continue Frenzied Pace

PHOENIX—The first urban apartment project to be constructed, partially leased and traded in downtown Phoenix's post-recession real estate upswing has sold in a $21.8 million deal. The project's sale price represents an average $314 per square foot or $184,745 per unit. At the time of sale, the community was approximately 45% occupied.

Named Proxy 333, the project totals 118 units located in the heart of downtown's Evans-Churchill neighborhood. The buyer was Weidner Apartment Homes.

JLL executive vice president John Cunningham and senior vice president Charles Steele represented the property owners, Goodman Real Estate and Tilton Development Company. The previous owners designed and developed this property to address the burgeoning residential population in downtown, and to address the type of urban lifestyle and dynamics associated with the surrounding neighborhood.

“Downtown Phoenix is emerging as one of the premier submarkets for urban luxury living. Goodman and Tilton have unparalleled experience developing urban projects in both Phoenix and Seattle, and they have delivered once again on the leading edge with Proxy 333,” Cunningham tells GlobeSt.com. “With this acquisition, Weidner continues their strategy of achieving critical mass in the most sought-after locations in the Valley.”

Built in 2016, Proxy 333 totals 69,335 square feet at 333 E. McKinley St., between Third and Fourth streets. The property has nearby shopping, dining, arts and entertainment as well as neighboring Arizona State University, TGEN and the Phoenix Biomedical Campus.

 “Weidner recognized the opportunity to acquire Proxy 333 and operate the community in concert with Skyline Lofts, its existing asset located across the street,” said Steele. With the acquisition of Proxy 333, Weidner now owns 38 properties in Arizona.

In other multifamily acquisition news, the $250-million venture by The Bascom Group LLC and funds managed by Oaktree Capital Management has acquired Springs atSilverbell Apartments, a 290-unit luxury community located in Tucson, AZ.  ACORE Capital provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith and Annie Rice of CBRE. Art Wadlund and Clint Wadlund of Berkadia represented the buyer and seller on this transaction. The onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services. 

Capital Square 1031's Delaware statutory trust offering, CSRA Galeria del Rio, comprised of a 101-unit class-A townhome community in Tucson, AZ, has been fully subscribed by investors. Located at 5132 N. Prairie Clover Trail, Galeria del Rio includes 35 two-story buildings and was completed in December 2014.

The $46 million sale has been completed for Cantera Apartment Homes, a 288-unit community located at 2475 W. Pecos Rd. in Chandler, AZ. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE's Phoenix office handled the transaction. The seller was Rockwood Capital and the buyer was Aukum Management.

The Lodge, a 252-unit luxury apartment community located at 3601 South Lake Mary Rd., has sold in Flagstaff, AZ. Exchange Services, a qualified intermediary for SK5-ELA LLC (Keller Investment Properties LLC), purchased the property for $43.6 million. Cushman & Wakefield executive managing directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, Clear Sky Lodge LP.

Sterling Real Estate Holdings, a joint venture between Barker Pacific Group and Pacific Real Estate Partners has acquired Maya Linda Apartments. This 360-unit apartment complex is located on a new light rail station in the emerging 19 North submarket at 8222 N. 19th Ave. The purchase price was $21 million. Jim Crews and Brett Polachek from the Cushman & Wakefield Phoenix office represented the owner, MG Properties of San Diego.

The $17 million sale of Amber Gardens, located at625 W. First St.  in downtown Tempe, AZ has recently closed. Desert Commercial Advisors connected both the buyer and seller in this off-market transaction. SVN Advisors' Chip Kloppenburg and Carrick Sears both represented the buyer, WWC Holdings LLC,  (Western Wealth Capital) from Vancouver, led by Janet LePage. It is within a half mile of Arizona State University's main campus and Tempe's Mill Avenue and also within walking distance to light rail.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

PHOENIX—The first urban apartment project to be constructed, partially leased and traded in downtown Phoenix's post-recession real estate upswing has sold in a $21.8 million deal. The project's sale price represents an average $314 per square foot or $184,745 per unit. At the time of sale, the community was approximately 45% occupied.

Named Proxy 333, the project totals 118 units located in the heart of downtown's Evans-Churchill neighborhood. The buyer was Weidner Apartment Homes.

JLL executive vice president John Cunningham and senior vice president Charles Steele represented the property owners, Goodman Real Estate and Tilton Development Company. The previous owners designed and developed this property to address the burgeoning residential population in downtown, and to address the type of urban lifestyle and dynamics associated with the surrounding neighborhood.

“Downtown Phoenix is emerging as one of the premier submarkets for urban luxury living. Goodman and Tilton have unparalleled experience developing urban projects in both Phoenix and Seattle, and they have delivered once again on the leading edge with Proxy 333,” Cunningham tells GlobeSt.com. “With this acquisition, Weidner continues their strategy of achieving critical mass in the most sought-after locations in the Valley.”

Built in 2016, Proxy 333 totals 69,335 square feet at 333 E. McKinley St., between Third and Fourth streets. The property has nearby shopping, dining, arts and entertainment as well as neighboring Arizona State University, TGEN and the Phoenix Biomedical Campus.

 “Weidner recognized the opportunity to acquire Proxy 333 and operate the community in concert with Skyline Lofts, its existing asset located across the street,” said Steele. With the acquisition of Proxy 333, Weidner now owns 38 properties in Arizona.

In other multifamily acquisition news, the $250-million venture by The Bascom Group LLC and funds managed by Oaktree Capital Management has acquired Springs atSilverbell Apartments, a 290-unit luxury community located in Tucson, AZ.  ACORE Capital provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith and Annie Rice of CBRE. Art Wadlund and Clint Wadlund of Berkadia represented the buyer and seller on this transaction. The onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services. 

Capital Square 1031's Delaware statutory trust offering, CSRA Galeria del Rio, comprised of a 101-unit class-A townhome community in Tucson, AZ, has been fully subscribed by investors. Located at 5132 N. Prairie Clover Trail, Galeria del Rio includes 35 two-story buildings and was completed in December 2014.

The $46 million sale has been completed for Cantera Apartment Homes, a 288-unit community located at 2475 W. Pecos Rd. in Chandler, AZ. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE's Phoenix office handled the transaction. The seller was Rockwood Capital and the buyer was Aukum Management.

The Lodge, a 252-unit luxury apartment community located at 3601 South Lake Mary Rd., has sold in Flagstaff, AZ. Exchange Services, a qualified intermediary for SK5-ELA LLC (Keller Investment Properties LLC), purchased the property for $43.6 million. Cushman & Wakefield executive managing directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, Clear Sky Lodge LP.

Sterling Real Estate Holdings, a joint venture between Barker Pacific Group and Pacific Real Estate Partners has acquired Maya Linda Apartments. This 360-unit apartment complex is located on a new light rail station in the emerging 19 North submarket at 8222 N. 19th Ave. The purchase price was $21 million. Jim Crews and Brett Polachek from the Cushman & Wakefield Phoenix office represented the owner, MG Properties of San Diego.

The $17 million sale of Amber Gardens, located at625 W. First St.  in downtown Tempe, AZ has recently closed. Desert Commercial Advisors connected both the buyer and seller in this off-market transaction. SVN Advisors' Chip Kloppenburg and Carrick Sears both represented the buyer, WWC Holdings LLC,  (Western Wealth Capital) from Vancouver, led by Janet LePage. It is within a half mile of Arizona State University's main campus and Tempe's Mill Avenue and also within walking distance to light rail.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.