Institutional Property Advisors (IPA), a division of Marcus & Millichap, Inc. (NYSE: MMI), announced today the sale of Arrowhead Ranch by Baron, a 256-unit multifamily asset in the Arrowhead Ranch master-planned community in Glendale, Arizona. The $101.5 million sales price equates to $396,484 per unit. “One of only four assets constructed within the Northwest … [More]
Development Launches Sales at Eastmark Master Planned Community
Homes Corporation, a publicly traded residential homebuilder, announced today homes are now selling in Greenpointe at Eastmark, a new neighborhood within the larger Eastmark master planned community in Mesa, Arizona. “Readers of ‘Ranking Arizona’ voted Eastmark the No. 2 best master-planned community of 2021, and we’re pleased to contribute to the tradition of excellence … [More]
NAIOP Arizona Takes On Ambitious Legislative Agenda in 2022
The Arizona Chapter of NAIOP, the commercial real estate development association, just released its 2022 legislative agenda. NAIOP’s policy priorities focus on protecting the economy from damaging tax increases, improving certainty for developers engaged in complex projects that aid in business attraction, and returning control of the ballot initiative process to Arizona … [More]
Mattamy Homes to Develop Bonita Ranch Community in Surprise, AZ
Mattamy Homes, North America's largest privately owned homebuilder, is pleased to announce that it has closed on another significant land purchase in Surprise, AZ. The 72-acre property, known as Bonita Ranch, was purchased for $10.95 million and is approved for 208 home sites. The deal closed on November 19, 2021. "The Mattamy team is truly excited about bringing … [More]
Merit Partners, Lexington Realty Begin Work on Phoenix-Area Project
Work has gotten underway on Merit Partners Inc. and Lexington Realty Trust’s two speculative industrial buildings at PV 303, a 1,600-acre, master-planned business park just outside Phoenix in Goodyear, Ariz. Acting on behalf of the development team, Stevens-Leinweber Construction broke ground on Buildings 3 and 4, which will encompass 880,000 square feet of Class A … [More]
Nevada-Based Investor Acquires West 101 Corporate Center, 93% Leased
Cushman & Wakefield has brokered the sale of West 101 Corporate Center, an 81,040-square-foot, multi-tenant Class A office property in Phoenix, Arizona. Located at 1860 N 95th Lane in the West Valley trade area, the building was acquired by Overstreet Project LLC, a Nevada-based investor, for $17.5 million. The asset was approximately 93% leased at the time of sale. The … [More]
Downtown Phoenix’s Newest and Most High-Profile Residential Building Opens
This week downtown Phoenix will open of one of the most high-profile buildings in its history — one that pays direct homage to the city’s past while showcasing its bright future. Adeline Luxury Living is welcoming its first residents in the first week of December. Comprising 379 luxury for-rent residences, Adeline is a 25-story building that boasts panoramic views of the … [More]
Indianapolis Developer Expands in Tempe with New Sustainable Living, Opportunity Zone Development
Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, has closed on its second residential apartment development in Tempe, Arizona. The $56 million Qualified Opportunity Zone (QOZ) development located at 2119 E Apache Blvd in Tempe will offer 219 studio, one- and two-bedroom apartment units and five live-work spaces. The complex … [More]
Landscape Trends in COVID-Era Residential Development
The year 2020 brought so many challenges, yet so many great stories. Isolation from lockdown simply reinforced our need for community and desire for social connections. “Netflix and chill” gave way to a beautiful spring where tree-lined pathways through community greenbelts were filled with joggers and bikers. Pet adoptions were at all-time highs, and the development of dog … [More]
Tri Pointe Homes Adding New Homes in Three Metro Phoenix Communities
In our hot housing market where low inventories are a big part of the problem, Tri Pointe Homes (which served the Phoenix market for more than 25 years under the name Maracay®) has acquired 210 homesites on which it plans to build new homes in three communities across the Phoenix metro area. The land purchases in Chandler and San Tan Valley fit the homebuilder’s growth strategy … [More]
Toyota Financial Services Center Opens with Regional Design and LEED Cert
Toyota Financial Services Experience Center West was recently completed. Located in Allred Park Place at 1650 S. Price Road in Chandler, Arizona, TFS West is a 56,219-square-foot workplace organized into neighborhoods with a variety of spaces to support employees’ unique work styles and changing needs. Focus zones, formal meeting environments and informal collaboration spaces … [More]
Multifamily Development in Downtown Phoenix
JE Dunn Construction and Lincoln Ventures, an Austin-based student housing and national multifamily developer, recently broke ground on 811 N. 3rd Street, a 24-story, 326-unit multifamily development located in the heart of the arts district in Downtown Phoenix. This is Lincoln Ventures’ first multifamily development in Phoenix. The to-be-named project will feature … [More]
New Peoria Self-Storage Facility
Glendale-based land development company Mangat Group has partnered with Aberdeen Management & Development for a locally owned and operated Arizona Self Storage facility on the southwest corner of Loop 101 and Olive Avenue in Peoria. This is Arizona Self Storage’s ninth property in the state and third in the West Valley. Construction began in late October with a year build, … [More]
Industrial Project in Booming Chandler Airport Submarket
Denver-based Comunale Properties and Stevens-Leinweber Construction recently broke ground on Chandler Connection, a 201,000-square-foot, mid-bay Class A industrial project within the booming Chandler Airport industrial submarket in Chandler, Arizona. The project, which is located at 2411 E. Germann Road, between Gilbert and Cooper roads, is Comunale’s first ground-up industrial … [More]
Amazon Facility Sells for $75M
Seefried Industrial Properties and a real estate fund advised by Crow Holdings Capital have sold 500 W. Pinnacle Peak Road, the joint venture partners’ recently completed industrial building totaling approximately 145,500 square feet in Phoenix. With the advisement of Cushman & Wakefield, the partners sold the 100 percent leased, last-mile fulfillment/distribution … [More]
More Luxury Condominiums Tucked into the Canyons of the McDowell Mountains Hit Market
After successful sell-out of the first 24 residences, sales are now underway at ICON at Silverleaf, a high-style, highly amenitized enclave of luxury condominiums tucked into the canyons of the McDowell Mountains. Situated within the gates of Silverleaf at DC Ranch, regarded as one of Arizona’s most exclusive golf club communities, ICON is surrounded by natural desert beauty … [More]
Investment Firm Acquires Land in Avondale for Multifamily Development
Scottsdale-based Sterling Real Estate Partners recently acquired 9.6 acres of land with plans to develop a 238-unit, Class A apartment complex in the heart of Avondale’s rapidly expanding community. The property will feature luxury unit interiors, a resort style pool, state of the art fitness center, furnished outdoor lounge, and more. The land is located in a Qualified … [More]
Ryan Companies Breaks Ground on Arizona Humane Society Campus
Ryan Companies US, Inc. – a national developer, designer, builder, capital markets partner and real estate manager offering full-service commercial real estate solutions – and Arizona Humane Society (AHS) announce today the groundbreaking of the Arizona Humane Society Rob and Melani Walton Papago Park Campus. The new 72,000-square-foot campus and medical complex will be a … [More]
