Author: BEX Staff

Sales Transactions  1. TruAmerica Multifamily acquired Pointe at South Mountain Apartments, a 38-building, 364-unit multifamily complex at 8809 S. Pointe Parkway, Phoenix, for $80M, from ConAm Group of Companies. CBRE Capital Markets arranged $54.997M in new Freddie Mac debt for the deal.  2. Ashton Woods teamed up with Lennar Corp. and Taylor Morrison Home Corp. and purchased a 328-acre parcel in Peoria for $72.6M, in an auction against PulteGroup Inc., Maracay Homes and Toll Brothers Inc. Representing the winning bidders was the Nathan & Associates Inc. team of Nate Nathan, Dave Mullard, Daniel Baldwin, Ryan Duncan and Casey Christensen.  3. Millburn & Company acquired Allegro at Foothills Gateway, an 18-building, 264-unit apartment complex at 4411 E. Chandler Boulevard, Ahwatukee, for $65.1M,…

By Rebekah Morris for AZBEX  Next week the BEX research team will present detailed market analytics at the fourth annual Construction Forecast Event. The topic will be an exclusive and deep analysis of the next three years of the Arizona construction market. Below is a sneak peek of what types of data and analysis will be presented:  Top Owners, Architects, and Contractors in 2020 – how will they change in the coming years?  The most popular section of the Construction Forecast Event every year is the name-dropping; who will be the most active players in each given sector? Now that we have done this research analysis four years running, we…

Economic News Landlords Have Options with Non-paying Tenants Multifamily landlords with non- or slow-paying tenants are exploring their options in the face of new Centers for Disease Control policies halting certain evictions. Among items they need to check are: Availability of other payment options, the availability of other payment sources, the option to apply existing security deposits to unpaid rent, relocation options, allowing leases to expire, and paying the tenant to vacate the property so it again becomes available to rent. (Source)  Multifamily Projects Can Still Find Financing  Now that multifamily has regained momentum following the panic in the early stages of the pandemic, many…

By Tasha Anderson for AZBEX  A new commercial/light industrial development is being planned for the NWC of Dysart Road and Sweetwater Avenue within the Surprise Pointe PAD.  E&V Investments, LLC is requesting site plan approval of the 157KSF project, known as Ancona at Surprise Pointe 33. The approximately 27.16-acre site is currently vacant and is surrounded by other existing commercial/industrial buildings and a business park, as well as neighboring residential for the City of El Mirage.  Ancona at Surprise Pointe 33 will consist of two industrial buildings. The first will be an 84.3KSF spec commercial/light industrial building consisting of 12 spec suites, and the second…

By CBRE  MDH Partners has purchased roughly 41 acres in Goodyear and plans to construct a two-building speculative industrial project called Gateway 303.  CBRE represented the seller, Merit Partners, in the transaction. CBRE also assisted the buyer and will lease the project, which is expected to be delivered in late 2021.  Located at the NWC of Loop 303 and Thomas Road, Gateway 303 will be part of PV|303, a 1,600-acre master-planned business park approximately 25 miles west of downtown Phoenix. PV|303 also falls into Foreign Trade Zone #277. The project will consist of two Class A logistics facilities, both of which will have direct Loop 303 frontage with significant signage opportunities.  Building A will…

By Jeanine Jerkovic for City of Surprise  When you’re a city called “Surprise,” it’s safe to say that constant change is a bit of a norm, however 2020 accelerated more change than ever for us – and somewhat for the better.  After 2020, we could all use some positivity, and the top three 2021 economic growth trends to watch in Surprise and the Northwest Greater Phoenix might actually signal positive growth ahead.  Homes, Homes and More Homes  By the end of 2020, Arizona hit a 14-year peak in single-family home growth, closing the year with an estimated 40,800 single-family permits and an additional…

Awards & Accolades  1. Healthcare Real Estate Insights has presented the $50M renovation and expansion of Splendido at Rancho Vistoso with the 2020 HREI Insights Award in the “Post-Acute & Senior Living Facilities Best New Ground-Up Development” Category. The awards were announced in December and recognized high quality properties across the country for their excellence in building and development. The project was a partnership between Plaza Companies and Mather.  Groundbreakings  2. Construction began in December to widen the 303 to three lanes in each direction from Happy Valley Parkway to Lake Pleasant Parkway. Work on the $20.3M project, which will include an interchange for Peoria’s anticipated extension of Jomax Road and a bridge over the Beardsley Canal, is planned…

By Tasha Anderson for AZBEX  Alliance Residential is looking to add another high-end multifamily residential development to their “Broadstone” collection in Phoenix.  Known as Broadstone on 7th, or 5727 Apartments as noted on the site plan, the 257-unit complex will take the place of a current, four-story, 50KSF office building and single-story behavioral health clinic at 5727 N. 7th Street. The property currently comprises six parcels that will be combined through a separate application.  Broadstone on 7th will be five stories total with a maximum building height of 70 feet and include a mix of 79 studio, 114 one- and 64 two-bedroom units. The design concept presents a cohesive,…

Budget, Policy & Stimulus News What’s in the New Relief Package? The recently signed 5,500-page-plus stimulus and relief measure includes another $284B in forgivable Paycheck Protection Program loans, new treatment for PPP expenses, simplified forms, grants for live events and cultural providers, and changes to the Economic Injury Disaster Loan program. (Source) Economic News  MacKenzie Scott Grants $5M to Prestamos Prestamos, a community development financial institution administered by Chicanos Por La Causa, was recently awarded a $5M grant from billionaire philanthropist MacKenzie Scott. The award is the largest in the history of Prestamos’ association with CPLC. (Source)  Pandemic Highlights Job Site Safety  While job site safety has always been a leading concern in the construction industry,…

By NAI Horizon  The NAI Horizon Self Storage Group represented the buyer, Vault at Houghton Road LLC, in the $690K purchase of 10.4 acres of land at the SEC of Golf Links and Houghton roads in Tucson.  The buyer plans to develop the site to include a fast-food drive-through, retail space and approximately 75KSF of self-storage with 192 covered parking spaces.  The seller, Tucson Electric Power Company, was represented by PICOR Commercial in Tucson. (Source)