Commercial Real Estate News 04-17-18

Credit: Real Estate Daily News

Sales Transactions

1. CBRE announced the $31.15M sale of a 426-unit multifamily portfolio consisting of one- and two-bedroom casitas in 28 communities across the greater Tucson area. CBRE’s Tucson capital markets team comprised of brokerage, debt and equity and appraisal services all contributed to the transaction. The buyer, HZ One, LLC, a Tucson-based venture led by Chris Kemmerly, Marcel Dabdoub and Ike Isaacson, plans to brand the portfolio as San Xavier Casitas.

2. ABI Multifamily announced the $11.75M sale of the Del Sol Apartments in Glendale. Del Sol is a one- and two-story, garden-style apartment community that features 218 units in 22 rental buildings. The buyer, Del Sol Apartments, LLC, an entity formed and managed by Rohcs Property Management Co., is a private investment and property management firm. The seller was a joint venture of Dalan Management and VM Management. The multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both the buyer and seller in this transaction.

3. Smoke Tree Resort, at 7101 E. Lincoln Drive in Paradise Valley, has been touted as the longest-running independent hotel property in the area. It sold for $10.2M. Frank Aazami and Jean-Michel Edery, brokers with Russ Lyon Sotheby‘s International Realty, represented both the buyer and seller in the off-market transaction. Phoenix-based Geneva Holdings LLC is the new owner. Preliminary plans call for a full revitalization of the property, said Sam Robinson, founding partner of Geneva Holdings.

4. Marcus & Millichap announced the sale of Golden Key, a 91-unit apartment complex in Phoenix. The asset commanded a sales price of $6.2M. Rich Butler, a senior VP of investments specializing in multifamily product in Marcus & Millichap’s Phoenix office, had the exclusive listing and negotiated the transaction on behalf of the seller, a local limited liability company, and the buyer, an out of state limited liability company.

5. The White Ohana, LLC purchased a 32.4KSF building at 3951 E. Columbia St. in Tucson for $3.65M. Rob Glaser with Cushman & Wakefield | PICOR represented the seller; Ted Liles with Cresa Global, Inc., represented the buyer.

6. Marcus & Millichap announced the sale of NextCare Urgent Care, a 4.5KSF net-leased property in Goodyear, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $2.39M. Jamie Medress, and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The team also represented the buyer, an individual/personal trust.

7. The Alturas Real Estate Fund has acquired the Country Club Manor office property located in Phoenix at 1221 & 1313 Osborn. Alturas has chosen to rename the property “The Ashby on Osborn”. Alturas is working with Michael Crystal and his team at Newmark Knight Frank to lease the property. Eric Wichterman of Cushman and Wakefield brokered the sale.

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