Sales Transactions
1. Sunbelt Land Holdings LP was the successful bidder on just over 93 acres of land located South and West of the SW corner of 19th Ave. & Bell.
2. HFF announced $17.3M in financing for Spring Meadow, a 271-unit apartment community in Glendale. The HFF team worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA, Inc.-managed fund, to secure the five-year, floating-rate loan through a national bank.
3. Cushman & Wakefield completed the sale of Kinsey Ridge, located at 1718 N. Fort Valley Road in Flagstaff. Phoenix-based Kinsey Ridge Apartments LLC, an entity formed by Edgehill Investments LLC (Ryan Francisco, Anthony Francisco) purchased the property from Phoenix-based Clear Sky Capital Partners IV LLC, an entity of Clear Sky Capital (Marcus Kurschat), for $7.175M. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller.
4. Phoenix Commercial Advisors closed on Raising Cane’s, May 17. The property, located on 1.25 acres on the SWC of Civic Center Drive and Bell Road at 14385 W. Bell Road in Surprise, sold for $4.17M. The brand-new, 3,616SF building closed at 100 percent of the asking price.
5. La Promesa Homes, LLC purchased La Promesa Apartments, a 40 unit complex located at 2485 N. Alvernon Way in Tucson, from Our Family Services, Inc. for $2.3M in Northeast Tucson.
6. CBRE arranged the sale of Pavilions on Central, a 254-unit Class A multifamily community, located at 1 W. Campbell Ave. in Phoenix, Arizona. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, a Dallas, Texas- based private real estate fund advised by Crow Holdings Capital – RE. The buyer was managed by Oaktree Capital Management, L.P.
7. CBRE announced the sale of Fairways at Cave Creek, a 376-unit value-add multifamily community, located at 2140 W. Thunderbird Rd. in Phoenix. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller in the transaction.