$43.6 Million Sale of Flagstaff Luxury Apartment Homes

Cushman & Wakefield announced today the sale of The Lodge, a 252-unit luxury apartment community, located at 3601 South Lake Mary Road in Flagstaff, Ariz. Exchange Services, a qualified intermediary for SK5-ELA, LLC (Keller Investment Properties, LLC), purchased the property for $43.6 million. Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of…

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BERKADIA COMPLETES $31.5 MILLION SALE OF TUCSON, ARIZONA MULTIFAMILY PROPERTY

Berkadia announced today the recent sale of The Springs at Silverbell, a multifamily property located in Tucson, Arizona. Senior Managing Director Art Wadlund and Associate Director Clint Wadlund of the Tucson office, and Senior Managing Director Mark Forrester and Managing Director Ric Holway of the Phoenix office completed the sale for $31.5 million to Bascom…

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PATHFINDER PARTNERS CONCLUDES TWO MULTIFAMILY ACQUISITIONS FOR $34.1 MILLION IN PHOENIX AREA

Pathfinder Partners, LLC, a San Diego-based firm specializing in opportunistic real estate investments, has acquired two Phoenix-area multifamily communities totaling 300 units. According to Lorne Polger, senior managing director of Pathfinder Partners, the transactions include the $25.6 million acquisition of Windemere Apartments, a 224-unit community built in 1986 at 2020 East Inverness Avenue in Mesa,…

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Arizona Builders Alliance announces new Student Services Administrator for apprenticeship programs

The Arizona Builders Alliance (ABA) has announced Saturn Ontiveros Jr. as Student Services Administrator. In this role, which is new to the ABA, Ontiveros will guide and counsel over 300 students of the ABA’s four apprenticeship programs— electrical, heavy equipment operator, diesel mechanic or surveying. “The students are people from all walks of life who…

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Western Wealth Capital of Canada Buys Multifamily Property Near ASU for $17 Million

Western Wealth Capital, a Vancouver, Canada-based multi-unit rental property investment firm, recently purchased the 164-unit Amber Gardens in Tempe for $17 million ($103,000 per unit). Western Wealth Capital now owns 24 properties and 3,998 units in the Phoenix area. The firm is the 3rd largest multifamily property owner in Phoenix in terms of number of…

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Phoenix Apartments Sell for $3.2M, New Ownership Plans Upgrades

A 49-unit multifamily complex at 4021-4025 N. 40th St., Phoenix, sold for $3,200,000 or $65,306 per door. The new owners of the Tidewood Apartments plan to modernize the 51-year-old property. The Lee & Associates multifamily team of Bryson Fricke, Multifamily Properties and Todd Braun, Principal, represented the ownership, Campbell Lodging, Inc., Anaheim, CA. The buyer…

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CONSTRUCTION SPENDING HOLDS STEADY IN AUGUST AND IS UP BY NEARLY 5 PERCENT FOR THE FIRST EIGHT MONTHS OF THE YEAR AS DEMAND REMAINS “ROBUST”

Construction spending held steady in August compared to July but is up nearly five percent for the first eight months of the year compared to same period in 2015, according to an analysis by the Associated General Contractors of America. Association officials said the new spending figures indicates that the industry’s recovery may be at…

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Central Phoenix Apartment Property Sells for $5.3 Million

Colliers International in Greater Phoenix has negotiated the $5,325,000 sale of Patio 15, a Central Phoenix apartment property located at 1523 West Colter St. “This property offered a great opportunity for the buyer to acquire real estate near the popular light rail system,” says Jeff Sherman, executive vice president with Colliers International.  “Patio 15 offers…

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