Author: BEX Staff

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…

By Tasha Anderson for Arizona Builder’s Exchange The Arizona chapter of the American Society of Civil Engineers held their February Luncheon on Wednesday at the because-Space for Life event center to discuss the Grand Canyon Trans-Canyon Waterline and the plan to replace it rather than fix the existing pipeline. Guest speakers Kris Provenzano, Grand Canyon Program Manager for Water and Wastewater Infrastructure with the Unites States National Park Service, and Rich Thornton, Project Manager for HDR Engineering, updated the crowd on what’s currently going on with the pipeline project. The current pipeline is 12.5 miles that moves the water by…

By Wayne Schutsky for East Valley Tribune The Eastmark master-planned community will mark a new phase in its development this spring when builders break ground on The Premier, the community’s first apartment complex. Currently, Eastmark is best known for its inventory of high-end homes from a dozen custom- and production-home builders in the $300K-and-above range. However, the community introduced patio homes and custom homes priced in the low-$200K range over the past year. Those new offerings – along with the new apartment product – are part of a long-term effort to provide a diversity of housing in the area. Brookfield…

By Mike Sunnucks for Phoenix Business Journal For Morgan Olsen it circles back to the well-worn adage of ‘teach a man to fish.’ But the problem for Olsen – CFO at Arizona State University – is that some fiscal conservatives at the Arizona Legislature don’t want the school to fish for real estate deals and its own revenue streams even after the same state assembly cut higher education budgets during and after the last recession. Olsen said ASU lost $200M in state funding over four years between 2008 and 2012. From 2009 to 2012, the state cut $400M in funding to the three state…

Groundbreakings 1. A groundbreaking ceremony was held on Jan. 21 for the first of the five-phase expansion of the Ponderosa Bible Church. The first phase of the project, expected to be complete by September, is 5,861SF and includes a new entrance, larger foyer, expansion and remodeling of the church’s nursery and pre-K area, addition of a kitchen and pantry, and utility and storage rooms. 2. Construction has begun on the $12M Kofa High School Renovations project in Yuma. Renovations include the construction of two new buildings and remodel of four existing facilities along with the addition of tennis courts. Construction is scheduled to…

By Jane Stewart for Arizona Builder’s Exchange William Lyon Homes has requested a minor amendment to the Town of Gilbert’s General Plan for the Lyon’s Gate Apartments project, located at the NWC of South Wade Drive and East Williams Field Road.  This will be the Eleventh phase in the 365-acre master-planned development. The owner is seeking to increase the permitted density. Lyon’s Gate Apartments is a 360-unit multi-family development on 16 net acres. The design includes 16 residential structures – each at 20-24 units – featuring studios, one-, two- and three-bedroom options. Parking includes 40 canopy structures and seven garage…

By Roland Murphy for Arizona Builder’s Exchange Developer Alliance Residential Company is adding to its “Broadstone” family of multifamily complexes. Last week, Tempe City Council approved plan amendments for Broadstone Rio Salado, a 276-unit development at the SEC of Rio Salado Parkway and the Loop 101. The General Plan 2040 Projected Density amendment sought to have the allowed density increased from 25 dwelling units/acre to 65 du/ac; however, the actual proposed density will only be 29 du/ac. The location has been used for decades as a storage facility for Arizona State University. In the submittals to the city, Alliance Residential…

Sales Transactions CBRE has completed the $53.14M sale of Aldea at Estrella Falls, a 328-unit Class A multifamily property, at 2400 N. Bullard Ave. in Goodyear. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, PrivatePortfolio Group, LLC. The buyer was Umbrella Properties. Cushman & Wakefield completed the sale of Mission Palms, 6131 N. 16th Street in Phoenix. Clear Sky RES Properties, an entity formed by Clear Sky Capital, purchased the property from JM Emerson, LLC for $16M. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller. Sierra…

By Roland Murphy for Arizona Builder’s Exchange A recently released report form Colliers International – “Top 10 Emerging U.S. Industrial Markets to Watch in 2018” – named the Phoenix area as a national leader. “The momentum that built in the Greater Phoenix industrial market the past few years is forecast to carry over into 2018, said Bob Mulhern, senior managing director for Colliers International in Greater Phoenix. “Demand is robust in the Valley because of the area’s many logistics advantages, a strong economy and a growing population. Net absorption has been quite strong for the past several years and hit…

By Roland Murphy for Arizona Builder’s Exchange Next Tuesday, Feb. 13, the Tempe Development Review Commission will hear a presentation on The Collective on 7th & Myrtle, a planned 22-story luxury mixed-use tower project. Representatives of developer Core Spaces – along with other members of the project team – will explain the company’s requests to amend Planned Area Development Overlay Zoning to create site-specific standards and to get approval for a development plan review and a use permit for parking modifications. The team is looking to create a 240-feet tall tower with 269 luxury apartments, 6KSF of first-floor retail/restaurant, 3.3KSF…