Sales Transactions
1. Blue Lake Capital has paid $130.5M for Arcadia Cove, a 432-unit apartment community on North 44th Street in Phoenix. The seller was Priderock Capital Partners.
2. Power Ranch LandCo LLC has paid $105M for the more than 300-acre future site of The Ranch mixed-use development near Elliot and Power Roads in Gilbert. The seller was The Dale C. Morrison Trust. Groundbreaking for the industrial, commercial and residential mixed-use project is planned for Q3 2024.
3. Three Wall Capital has bought the 126-room Residence Inn and 120-room SpringHill Suites by Marriott on Zanjero Road in Glendale for $43.29M from Blackstone.
4. Semiconductor equipment supplier ASM America Inc. has paid $33M for 24 acres near the SEC of Loop 101 and Scottsdale Road, which it will develop to consolidate research and development and support activities. The company was represented by Jonathan Keyser of Keyser Commercial Real Estate. The seller was an affiliated entity of De Rito Partners Development and Van Tuyl Companies.
5. Propeller Properties LLC has bought the 12-unit Halmark Apartments on East 4th Street in Tucson from AZBAHAY LLC for $2.3M. Both parties were represented by Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR.
6. ABI Multifamily announced the $2.27M sale of Mountain View Apartments, a 16-unit multifamily apartment community in Phoenix. ABI’s Mitchell Drake, Dallin Hammond and Carson Griesemer represented the seller. Neither the buyer nor the seller was identified.
7. Marcus & Millichap’s Paul Bay, Darrell Moffitt and Adam Saylor represented the seller in the $2.25M sale of Country Manor, a 14-unit apartment community on North 26th Street in Phoenix. The parties were not disclosed.
8. The 111-unit Trailside Apartments in Flagstaff has been bought by Olympus Property. Terms were not disclosed.