Author: BEX Staff

Sales Transactions 1. Sares Regis Group purchased Elevation Chandler, a boutique, 163-unit apartment complex in Chandler for $56.15M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, procured the buyer and represented the seller, Olympus Property. 2. WhiteHaven Capital purchased Strayhorse Arrowhead Ranch, a 136-unit apartment property at the NWC of the Loop 101/Agua Fria Freeway, Glendale, for $45M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, procured the buyer and represented the seller, Shelter Asset Management. 3. Rise48 Equity purchased Brookside Apartments, a 204-unit…

By Rebekah Morris for AZBEX As we cross the midpoint of the calendar year, the Arizona construction industry is working harder than ever and constantly adapting to changing market conditions. Here are some of the biggest trends happening in the local market: Statewide Construction Volume Rises, but at a Slower Pace Statewide construction volume continues to increase year-over-year (YOY), but the pace of increases has slowed noticeably. Starting in 2017, statewide construction volume has notched no less than 13 percent YOY gains; however, since the beginning of 2021, the pace of increases has slowed dramatically, with the YTD increase pegged…

By Tasha Anderson for AZBEX America’s Rehab Campuses (ARC), a full continuum care behavioral health and substance abuse treatment center with a facility in Tucson, is planning to expand into Phoenix with a new facility at 12425 N. 19th Avenue. The new facility will sit on approximately 7.8 acres and will consist of several buildings including two 10.5KSF residential treatment centers (RTC) and two 5KSF sober living buildings. The residential and sober living buildings are separated into two buildings each for men and women. The residential treatment centers will house a total of 80 beds and the sober living buildings…

By Arizona Department of Transportation The Arizona Department of Transportation will host a virtual public meeting to share important information about the upcoming Interstate 10 Broadway Curve Improvement Project on Wednesday, August 4th. ADOT encourages everyone who lives in, works in, visits or just passes through the metro-Phoenix region to stay informed about highway closures or other construction activity, detour routes and progress of the project. The virtual public meeting is a good first step to learn more about what to expect in the next three years of construction; meet the project team; ask questions and provide input; and find…

By Society of American Military Engineers Phoenix Post The Society of American Military Engineers Phoenix Post will host an exciting (in person or virtual) Small Business Outreach Event Featuring the Luke AFB Horizons Annual Presentation on Thursday, August 26th from 10am – 1pm at the Hilton Garden Inn, Avondale. In addition to the highly anticipated annual LAFB Horizons Presentation, the USACE LA District, Veterans Administration and Davis-Monthan Air Force Base will join the association to give briefings on upcoming opportunities and the visions. The Post looks forward to our economy getting back on track and our members and guests learning…

By Associated Builders and Contractors The not seasonally adjusted national construction unemployment rate was down 2.6 percent in June 2021 from a year ago and 45 states had lower unemployment rates over the same period, according to state-by-state analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors. Although not back to pre-pandemic levels, both overall employment and construction employment have demonstrated significant improvement during the past year. National NSA construction employment was up 233,000 from June 2020. Nonetheless, seasonally adjusted construction employment remained 238,000, or 3.1 percent, below its February 2020 peak, before the impact of the COVID-19…

Groundbreakings 1. With construction underway on the first Guaranteed Maximum Price portion of the $26M Litchfield Park City Center, it has been announced that the project will now officially be called Litchfield Square. The first GMP, set at $3.5M, began July 12th. The funds will cover the preparation of the construction site, installation of the sanitary sewer system, mass grading of most of the site and the order cost of long lead-time items. EPS Group is the design firm and Achen-Gardner Construction is the general contractor. 2. McCarthy Building Companies Inc. recently celebrated the beginning of construction on its new,…

A request for proposals issued by the City of Tempe last week appears to be the latest development in the Arizona Coyotes’ years-long drive to leave Gila River Arena in Glendale for what it envisions to be the greener pastures of the East Valley. The RFP wants a sports team or its partners to put a sports arena, 1,000 residential units and 200KSF of supporting retail, along with amenity space, on 46 acres at the NEC of Priest Drive and Rio Salado Parkway. Team representatives have said they will respond to the proposal. The location is currently a City-owned compost…

By Tasha Anderson for AZBEX A new multifamily development is being planned on approximately 18 acres of underutilized land within the Cavasson Master Plan site in Scottsdale. Plans were recently submitted to the city and Owner, Grayhawk Development, is requesting approval of the site plan, landscape plan and building elevations for the three-story rental project called Grayhawk Residences at Cavasson. Located at 7701 E. Legacy Boulevard, Grayhawk Residences at Cavasson will consist of 400 units, consisting of a mix of 24 studio, 124 one-bedroom, 186 two-bedroom and 66 three-bedroom units. Grayhawk and developer, Alliance Residential, plan to keep the maximum…

A grand jury has handed down indictments related to misuse of funds and other charges related to construction procurements for the Elona Ranch and Sossaman middle schools in the Higley Unified School District. The list of charges consists of: Denise Birdwell, former HUSD superintendent, 18 felony counts for “procurement fraud, fraudulent schemes and practices, fraudulent schemes and artifices, misuse of public monies, conflict of interest, filing a false return, and conspiracy”; Gary Aller, co-owner of Education Facilities Development Services, three felony counts for “fraudulent schemes and practices, fraudulent schemes and artifices, and conspiracy”; Steven Nielsen, co-owner of EFDS, three felony…