Commercial Real Estate Transactions 12-15-20

Sales Transactions 
1. Millburn & Company acquired Parc South Mountain, a 258-unit multifamily property at 3400 E. Southern Avenue, Phoenix, from Evergreen Development Company for $60M. CBRE Capital Markets arranged $39.565M in new Fannie Mae debt for the deal. 
2. Newmark announced the sale of two multifamily properties, known as Ascent 1829, a 180-unit complex, and Vicinity, a 125-unit complex, in Phoenix, for a total of $55M. Newmark’s Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter handled the sale of the assets. The buyer and seller were not disclosed. 
3. Element Property Company purchased Port Royale, an 18-building, 252-unit multifamily property in Sierra Vista for $30M. Hamid Panahi, Steve Gebing and Cliff David with Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Bascom Arizona Ventures, and procured the buyer. 
4. Site Capital Partners, LLC purchased AYA Scottsdale a 125-unit multifamily property at 8750 E. McDowell Road, Scottsdale, for $19.25M. NorthMarq’s Phoenix investment sales team of Trevor Koskovich, president, Bill Hahn, executive vice president and Jesse Hudson, vice president represented the buyer and seller, AYA Scottsdale LLC. 
5. CALCAP Advisors purchased University Commons, a 127-unit multifamily property at 3450 W. Missouri Avenue, directly across from Grand Canyon University in Phoenix, for $13M. Newmark’s Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter represented the seller, Terra Vista Investments. 
6. A California investor purchased The Red Roof Inn at 3704 E. Irvington Road at the Tucson Airport for $4M. The seller was a Joint Venture between a Singapore investor and Westmont Hospitality Group. 
7. Carefree Covered RV Storage, a division of Business Property Trust purchased RV SuperStorage, a 23-acre facility offering 594 covered, enclosed and open-air parking spots, in addition to 53 storage units in Chandler, for an undisclosed amount. Paul Boyle, Executive Director with Cushman & Wakefield’s Self Storage Advisory Group in Phoenix represented the buyer. M&T Bank provided the acquisition financing. Upon acquisition, the property will undergo more than $4M in improvements, including the addition of 450 new covered parking stalls, security upgrades and a complete renovation of the office/welcome center.