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ASU Taps Gould Evans, HNTB for Sun Devil Stadium Makeover

11 Aug 2014, 1:37 am

By Liviu Oltean, Associate Editor

The Sun Devil Stadium

Arizona State University has tapped Gould Evans and HNTB Corp. to lead the architectural and design renovations of its Sun Devil Stadium.

“We have reached an important milestone in the reinvention of Sun Devil Stadium,” said Ray Anderson, Vice President for University Athletics. “While preliminary conceptual work has been done for purposes of planning and programming considerations, today’s announcement means we are shifting gears and that the vision starts being transformed into concrete plans.”

Planned enhancements include an expanded student section, a new concourse experience, better seating, more restrooms, improved concessions, a video board and sound system, in-stadium technology, accessibility improvements and an air-conditioned club. The renovation will be funded entirely by private donations and new revenue streams.

This past spring, 5,700 seats were removed as an initial step. Redevelopment will proceed in phases so as not to hinder team activities and is slated to be completed in 2017.

“Gould Evans is thrilled to have this opportunity to re-engage a great partner like ASU on their next signature project!” said Krista Shepherd, principal with Gould Evans. “We have had a strong relationship with ASU delivering complex iconic projects and we couldn’t imagine not being part of this one. We look forward to transforming this most visible ASU venue to enrich campus and community life and enhance the uniqueness of the desert setting.”

P.B. Bell, Stonecutter Purchase $168.5M Phoenix M-F Portfolio

3 Aug 2014, 8:16 am

By Liviu Oltean, Associate Editor

Alante at the Islands

P.B. Bell of Scottsdale and Stonecutter of New York City have completed the acquisition of a $168.5 million portfolio of seven multi-family properties comprising 2,759 units from Standard Phoenix Fund. The transaction is Phoenix’s largest multi-family deal so far this year.

Cindy Cooke, a senior executive vice president at Colliers International, and Brad Cooke, a Colliers vice represented the seller. “It was P.B. Bell’s in-depth knowledge of the assets and the submarkets that helped separate them from the other buyers,”  Cindy Cooke commented in a statement. “We were impressed with their upfront due diligence and ability to transfer their local knowledge to their New York equity partner. They executed the transaction smoothly and even removed contingencies a day early.”

The Cooke team arranged the sale of the assets in 2007, when the seven properties traded as part of a 12-property, $427.5 million portfolio.

The properties are:

  • Alante at the Islands: 2222 N. McQueen Road, Chandler; Class A, 320 units, built in 1996
  • Crosswinds: 868 S. Arizona Ave., Chandler, Class B, 374 units, built in 1985
  • Laguna Village: 102 W. Palomino Drive, Chandler, Class B, 460 units, built in 1985, 364,440 SF
  • Tuscany Palms: 901 S. Country Club Drive, Mesa, Class B, 582 units, built in 1986
  • Whispering Meadows: 1050 S. Longmore St., Mesa, Class B, 432 units, built in 1979
  • Sienna Springs: 5128 N. 15th St., Phoenix, Class B, 395 units, built in 1973
  • Tela Verde: 5020 W. Thunderbird Road, Glendale, Class B, 196 units, built in 1984


Five of the properties are located in the Southeast Valley submarket, one is in the Camelback Corridor and one is across from Arizona State University’s West Campus.

“The properties’ strong locations with stable occupancy of 96% set it up for a perfect position for upgrading the interiors and improving the exterior,” Brad Cooke said in a statement. “P.B. Bell intends to use the transaction as a springboard to acquire more products. This portfolio of seven properties represented exactly that.”

 Image Courtesy of Colliers International, Cooke Multi-Family Investments




TruAmerica Multifamily, Berkshire Group Pay $35M for Avenue 25 Apartments in Phoenix; Security Properties Buys Mesa M-F Asset

27 Jul 2014, 2:49 pm

By Liviu Oltean, Associate Editor

In a $35.4 million deal, TruAmerica Multifamily and an affiliate of Berkshire Group have acquired Avenue 25 Apartments in Phoenix.

Comprising 254 units in 19 buildings, Avenue 25 features one-, two- and three-bedroom layouts. Amenities include an electric car-charging station, recreation and fitness center, pool area, a dog park and a business center. The asset has high visibility along  Interstate 17 and is convenient to the U.S. 101-Interstate 17 interchange. Financing for the off-market transaction entailed $24.78 million in pre-stabilization debt provided by Capital One Commercial Bank.

“We are pleased to add Avenue 25 Apartments to our portfolio and acquire an attractive asset alongside a high-quality partner,” said Eric Draeger, Senior Vice President, Head of Equity & Debt Transactions for Berkshire. “We are excited about prospects for the Phoenix market given the turnaround in its fundamentals. We will continue to seek opportunities in the region, which is an area of focus for our investment funds.”  The property’s new co-owner, TruAmerica Multifamily, is a company formed last year by Robert Hart, the former CEO of Kennedy Wilson Multifamily Management Group, and Guardian Life Insurance Co. of America,

In other multi-family transaction news, Sonora Canyon Venture L.L.C., an affiliate of Seattle-based Security Properties Inc., recently acquired the 388-unit Sonora Canyon complex in Mesa for $30 million, or $77,320 per unit. Business Real Estate Weekly of Arizona reports that the seller was LSREF2 Oreo L.L.C., an affiliate of Lone Star Funds. Completed in 1985, the complex was acquired by Lone Star as part of a $1.2 billion portfolio deal, which included apartment projects, industrial buildings, hotels and land.

Prudential Mortgage Capital Co. L.L.C. provided $25 million in financing for the acquisition, which was brokered by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Group Inc.’s Phoenix office. The acquisition of the Sonora Canyon complex increases Security Properties’ multi-family portfolio in Arizona to 1,418 units.

Image Courtesy of Sonora Canyon , through RentCafe

Consolidated Investment Group Buys Student Housing Property in Tempe for $38.7M

19 Jul 2014, 4:25 am

By Liviu Oltean, Associate Editor

Denver-based Consolidated Investment Group (CIG) recently announced the $38.7 million acquisition and planned refurbishment of a 225-unit, 640-bedroom student housing property located near Arizona State University in Tempe. Renamed Regents on University, the property formerly known as Block 1949 will be renovated before the beginning of the new school year.

Regents on University

As reported by the Business Real Estate Weekly of Arizona, the acquisition was made by three tenant-in-common entities. Two of them, Regents Tempe RE L.L.C. and Regents Tempe RE II L.L.C. were sponsored by CIG.  The former paid $21.38 million for 5 percent ownership interest, while the latter paid $11.5 million for an approximately 30 percent stake.

The third entity, CWS 1949 L.L.C, formed by CWS Capital Partners LLC acquired the remaining interest for $5.8 million. The seller, Block 1949 LLC, was assisted in the transaction by Hanover Street Capital, an advisor to Deutsche Bank, while John Cunningham and Charles Steele of Jones Lang LaSalle in Phoenix served as brokers.

“This property presents a unique opportunity for us to add value through improved management, capital improvements, and a complete re-branding of the building,” said CIG’s Vice President of Real Estate, Tim Bertoch. “We are focused on immediately implementing our improvement plan which will establish Regents on University as one of the premier student living experiences in Tempe.”

The company’s renovation plan includes new pool furniture with a full outdoor kitchen/bar area, a new game room, an added study room with new computer and printing stations, a community fire pit with seating area and the addition of a new fitness  room.

Photo Courtesy of Consolidated Investment Group

Buchanan Street Buys Stapley Corporate Center in Mesa for $33M

13 Jul 2014, 3:24 pm

By Liviu Oltean, Associate Editor

Buchanan Street Partners recently acquired Stapley Corporate Center, a two-building, Class A office property in Mesa. Located at 1840 and 1910 South Stapley Drive, the asset was purchased for $32.5 million from The DESCO Group, Inc.,  the buildings’ developer.

The Stapley Corporate Center

Totaling 181,934 square feet, the center is 90 percent occupied by such tenants as Cigna Healthcare and Wells Fargo. The transaction was brokered by Chris Toci and Chad Little of Cushman & Wakefield  Inc., while Mark Gustin of JLL Inc. will continue to handle leasing.

Amenities include close proximity to Sky Harbor International Airport and more than 2 million square feet of retail within a quarter of a mile.

“This property will continue to attract top tenants seeking high-image office space in the East Valley, based both upon the quality of the building and the continued Phoenix recovery,” said Brian Payne, a Buchanan Street vice president, in a statement.

Buchanan Street’s most recent acquisition increases its Phoenix holdings to more than 1.4 million square feet. As part of its value-added investment strategy, this year the company has also acquired Mesa Corporate Center, a 106,077-square-foot office building in Mesa, and Vue Park West, a 260-unit luxury apartment community in Peoria .

Image Courtesy of Buchanan Street Partners 

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