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Commercial Real Estate News 02-20-18

Credit: AZ Big Media

Sales Transactions

1. Western Wealth Capital recently acquired Villatree, a 150-unit multifamily community in Tempe for $17.35M, increasing the company’s total number of acquired rental units to more than 7,000 and ranking it as the second-largest multifamily owner in the Phoenix area by number of units. To date, the purchase price value of all WWC acquisitions is $536.4M.

2. Walker & Dunlop, Inc. announced that it structured a $49.6M loan for Arrowhead Summit, a 412-unit, Class B property in Glendale. The financing was arranged for repeat-borrower, Cortland Partners and the transaction marks their first investment in the Phoenix metropolitan area.

3. Mark Taylor acquired 41 acres in north Scottsdale from the Arizona State Land Department for $31M, the minimum bid and appraised value for the property. Through its entity Princess Hayden, LLC, the company took control of the parcel for a mixed-use multifamily development. Michael Lieb of Michael A. Lieb Ltd. put the deal together. Bill Swirtz of Swirtz Realty Advisors LLC was the broker of record.

4. A subsidiary of Diamond Ventures in Tucson sold the building occupied by Northwest Allied Physicians at 7890 N Cortaro Road in Marana for $2.9M. The 7.8KSF build-to-suit was built by the seller in 2017 and is fully occupied by Northwest Allied Physicians Cortaro. Jaime Medress with Marcus & Millichap of Phoenix represented Diamond Ventures, and Humason Properties of Reno was represented by Todd Blonsley with Marcus & Millichap of Reno.

 

 

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