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Colliers’ Cooke Team Cooks Up Another Deal

26 Aug 2015, 4:14 pm

By Liviu Oltean, Associate Editor

A large multifamily portfolio in Phoenix recently changed hands under the supervision of the Cooke Multifamily Team at Colliers International.

AZ3

AZ3

The team helped with the disposition of AZ 3, a 1,114-unit portfolio consisting of class A and B+ assets. Cindy Cooke and Brad Cooke, senior vice presidents at Colliers International, acted on behalf of the seller, Bascom Arizona Ventures of Scottsdale. The buyer, which was self-represented, was an affiliate of BHE Acquisitions LLC of Des Moines, Iowa, according to the announcement.

The portfolio included the following communities: the 330-unit Estates on Maryland in Phoenix; the 256-unit Madera Point in Mesa; and the 528-unit Pointe at the Foothills community in Phoenix. According to Yardi Matrix property records, the acquisition price of the portfolio was around $116 million.

“The seller had recently completed major renovations and was achieving significant income growth which continued throughout the transaction,” Cindy Cooke said in a prepared statement. “It will be exciting to see the plans executed by the buyer. They have a vision to further enhance the renovations and complete the interior upgrades.”



Two Multifamily Communities in Phoenix Find New Landlords

21 Aug 2015, 1:16 pm

By Liviu Oltean, Associate Editor

Two multifamily properties in Phoenix have found new owners with the help of Berkadia, which recently announced the disposition of The Villages at Metro Center and Oakridge Apartments.

Villages at Metro Center

Villages at Metro Center

Located at 3106 West Vogel Ave. in Phoenix, the 290-unit Villages at Metro Center complex was sold for $19 million. The community was developed in 1979 and features studio, one-, two-, and three-bedroom apartments. Its amenity package includes four swimming pools, a Jacuzzi and sauna, barbeques, tennis courts and a fitness center. The buyer was Covina Court, LLC of Long Beach, Calif.

The second apartment complex is a 282-unit community located at 3330 West Greenway Road. It features studio, one- and two-bedroom floorplans. Amenities include a swimming pool, spa, clubhouse, and barbeques. WWC Holdings, LLC of Scottsdale, Ariz. paid $16.7 million to acquire the asset.

The two deals were arranged by Senior Managing Director Mark Forrester and Managing Director Ric Holway, both with Berkadia.

“Steady job growth and rising income levels are driving increasing multifamily demand in the Phoenix market,” Forrester said in a prepared statement. “Our team marshaled our significant regional experience and market expertise to close these deals at competitive price.”

Image Courtesy of Yardi Matrix

 



Deco Communities Bets $200M on Phoenix and Scottsdale

20 Aug 2015, 11:00 am

By Liviu Oltean, Associate Editor

Urban infill residential development specialist Deco Communities has put a lot of trust—and money—in the Valley of the Sun as the firm announced that it has more than $200 million in new development in the region. The company is currently working on three metro Phoenix projects: Edison Midtown, ENVY Residences, and Inspire on Earll.

As the name suggests, the Edison Midtown community will rise in Midtown Phoenix at Central Avenue and Monterey. The community will feature 110 units, ranging in size from 800 to over 1,600 square feet. With sale prices starting in the mid-$200,000, amenities include a courtyard pool, fitness and yoga center, bike storage and electric car-charging stations.

Located on the border of the Scottsdale Entertainment District and historic Old Town at 75th St., the ENVY Residences were described as “cheeky luxury”. Why cheeky? Because its amenities also include complimentary private jet time provided by Pinnacle Aviation and onsite personal training by celebrity trainer Lucas James. The eight-story project will feature 90 condos with units ranging from 800 to 1,750 square feet. Pricing will start at $350,000.

Inspire on Earll

Inspire on Earll

Last but not least, Inspire on Earll is a 97-unit apartment community currently under construction at 7300 E. Earll Drive in Downtown Scottsdale. The community will feature upscale common areas, state-of-the-art fitness facility, central courtyard, pool and spa, as well as a dog park. The units range between 800 and 2100 square feet, with pricing set to start in the mid $200,000.

“Our strategy has always been to forecast market trends before they happen,” Rob Lyles, partner with Deco Communities, said in a prepared statement. “For the last several years we have observed and closely analyzed the evolution of the unique development of Phoenix-metro area neighborhoods in order to identify the next up-and-coming hotspot.”

Rendering courtesy of Deco Communities 



Distribution Warehouse in Phoenix Finds New Owner

19 Aug 2015, 11:12 am

By Liviu Oltean, Associate Editor

A 313,600-square-foot cross-dock distribution warehouse in Phoenix has found a new owner, according to a deal announced by Colliers International in Greater Phoenix.

The distribution center was acquired for $20.3 million by an affiliate of Los Angeles, Calif.-based Cohen Asset Management, which acquires, owns, develops, and manages industrial properties in multiple markets across the U.S.

Distribution Center - 4550 West Watkins St.

Distribution Center – 4550 West Watkins St.

Located at 4550 West Watkins St. in the Riverside tax district, the center was developed by Kansas City Life and built by Sun State Builders of Phoenix. The facility features a clear ceiling height of 30 feet, 102 dock doors, and 7200 amps of available power. It is currently fully leased by OMCO Solar, a division of OMCO Holdings of Wickliffe, Ohio.

Don MacWilliam and Payson MacWilliam, executive vice presidents with Colliers International, negotiated the deal on behalf of the buyer and the seller. “Cohen Asset Management has been aggressively purchasing quality assets in Phoenix and this is a strong addition to the company’s portfolio,” Don MacWilliam said in a prepared statement.



P.B. Bell Hones Management Skills in Phoenix and Scottsdale

14 Aug 2015, 7:39 pm

By Liviu Oltean, Associate Editor

P.B. Bell Cos.’s reach in the East Valley is about to increase as four new multifamily properties in the region have entered the firm’s management portfolio.

Two of the communities are currently under construction. Aura on Broadway is a 187-unit community located at 1245 E. Broadway Road in Tempe, near Arizona State University. The owner, CNL Growth Properties , teamed up with Trinsic Residential Group to develop the property. The second community, called The Standard, is located at 6833 East Main Street in South Scottsdale and encompasses a 134 apartment units.

Morningside at Scottsdale Ranch

Morningside at Scottsdale Ranch

The third multifamily asset to join the firm’s portfolio is Olive East. Situated within the Heritage District in Gilbert, the community features 120 units. Its owner, Curtis Capital Group of Bellevue, WA, closed on the asset for $12 million earlier this year.

The last community to be added  in P.B. Bell Cos.’ collection is Morningside at Scottsdale Ranch in North Scottsdale. The apartment complex is owned by Wood River Properties of Santa Monica, Calif., which acquired the asset for $28 million.

“Our goal is to maximize the resident experience at every apartment community we manage, and we’re looking forward to leading the team of experienced professionals that extends P.B. Bell’s brand,” Debbie Willis, P.B. Bell’s president & designated broker of property services, said in a prepared statement.

Image Courtesy of Yardi Matrix 







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