ALTA Copper Creek, LLC an affiliate of California-based ALTA Community Management paid $4.75 million ($48,000 per unit) for the Copper Creek Apartments at 6666 East Golf Links Road in Tucson.

Located in the Eastern submarket of Tucson Copper Creek Apartments offers one and two bedroom flats, and two and three bedroom town homes. The 99-units were 90% occupied at time of sale in this stable community.

Amenities include a pool and barbeque area and the new owner plans to add solar panels and a business center to the property. Rents range from $630 to $1,099 per month with all utilities included.

The 32 building complex was built in 1973 and totals 95,761-square-feet.

The property has a somewhat walkable score of 52 and a very bikeable score of 71.

Both buyer and seller, Plaza De Vista, LLC of Tempe, AZ (Narinder & Anju Parasher, members) were represented by Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix.

“Deal by deal, the Tucson multifamily market remains strong. Investors are looking for a variety of different product types to fit their individual needs and investment strategies in today’s market,” Panahi explained. “Finding stabilized properties such Copper Creek was critical for this multifamily investor that plans to optimize the property’s efficiency.”

Panahi, David and Gebing can be contacted through the office at 602.687.6700.

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[mepr-show rules=”58038″]Sale date: 9/25/2014. $950,000 down, balance new financing. Unit mix: (16) 1-bedrooms, (36) 2-bedrooms/ 1 bath, (12) 2-bedroom / 1 bath townhomes, (35) 3-bedrooms / 1.5 baths. Property was on the market for 30 days and closed escrow in 120 days. Property sold at a 7.12% cap rate.[/mepr-show]

Alliance Residential to Build  335 Class A Apartments at ‘Chandler Viridian’

PHOENIX – Hines Interests, LP (Gerald Hines, principal) the international real estate firm, announced Wednesday that it has closed on the final assemblage of the 25.5-acre site for Chandler Viridian, a mixed-use property on the northwest corner of the Loop 101/Loop 202 interchange, adjacent to the Chandler Fashion Center. Hines has been working on Chandler Viridian for nearly two years due to the significant legal complications related to the unfinished Elevation Chandler project. With the legal process regarding the site now complete, Hines expects to demolish and remove the structure in December 2014. The property commanded a $20.42 million sale price.

“Chandler Viridian will expand the area’s economic engine by creating a true live, work and play environment. The visibility and walkability of Chandler Viridian exceeds many other mixed-used projects in the area,” said Chris Anderson, Managing Director and local City Leader for Hines. “Hines is excited to develop the last available site adjacent to the Chandler Fashion Center and complete the master plan envisioned by the Chandler City leadership and citizens over 15 years ago.  The support received from the Chandler City Council, city staff and Alliance Bank of Arizona has been instrumental to our success.”

“This is a high-profile site in the midst of the Price Corridor, and the entire community will benefit from having a new project there,” said James Smith, the City of Chandler’s Acting Economic Development Director. “This is the moment our residents have been waiting for – to see that failed structure come down, and new development take its place.”

Alliance Residential is developing the 335-unit Class A multifamily property at the southern portion of Chandler Viridian. Multifamily construction is expected to begin in the first quarter of 2015. Alliance Residential is headquartered in Phoenix with 33 regional offices nationwide.

“Alliance Residential has served as a partner throughout the entitlement and land-closing process, collaborated on the design and plays an important role in delivering on the promise of Chandler Viridian,” says Anderson.

“We are excited to develop the residential component within the well-designed, mixed-use project led by Hines,” said Ian Swiergol, Managing Director of Development, Southwest for Alliance Residential. “This urban community will meet the ever-growing demands of today’s renter profile and will complement the great mix of employment and entertainment options within the Chandler Fashion Center submarket.”

In addition to the luxury apartments, Chandler Viridian will include a six-story modern brand hotel, a central plaza with 250,000 square feet of Class A office, and retail options along with a pedestrian promenade to the Chandler Fashion Center. Chandler Viridian is located in the heart of the Chandler retail entertainment district.

Construction on the horizontal infrastructure for the commercial properties is expected to begin in the second quarter of 2015. The hotel, office and retail projects will begin construction later in 2015 and into 2016.

RSP Architects of Minneapolis serves as the architect of record for Chandler Viridian. A general contractor has not been selected.

The retail marketing will be handled by Stan Sanchez and Paul Serafin of De Rito Partners in Phoenix. Sanchez and Serafin can be reached at 602.834.8500.

We don’t have any closings to report this week, only fun things happening Downtown.  To report an Opening or Closing in town, please contact the Real Estate Daily News at REDailyNews@outlook.com.

DOWNTOWN NOW THE SITE OF DAILY MOVIES
TUCSON – The Screening Room, which has long served as a centerpiece for the Arizona International Film Festival, is now open as a full-time movie house. A new partnership between Grand Cinemas and the Arizona Media Arts Council is again bringing mainstream movies to Downtown Tucson after a 40-year absence. Grand Cinemas made several major improvements to the 114-seat space at 127 E. Congress. The new operators moved seats, lighting, and the sound system from its recently-closed Crossroads Theater to bring the Screening Room up to date. The Dolby 5.1 surround system offers booming sound in the tiny space, in part because it was designed for a larger room. The Screening Room also now has a high-tech digital projector to replace the film-based one it had been using.
From Downtown Tucson Partnership: https://bit.ly/1w7JAUQ
The Screening Room: https://bit.ly/1u5F4DC

MISTER CAR WASH PART OF DOWNTOWN REVITALIZATION
TUCSON – It’s only been a few months since the headquarters of the nation’s largest full-service car wash moved into Downtown Tucson, and the CEO of Mister Car Wash is delighted. “This is a dream for me,” said John Lai. The downtown location is close to the University of Arizona and a block away from the streetcar. “We have known for a while that Tucson’s recent growth has created an environment where people want to work and live,” he said, hoping that environment will attract top talent. The site at 222 E. Fifth St. once housed the First Baptist Church School, but the structure had been vacant since 2007. The renovated building opened as Mister Car Wash headquarters June 1, on a tight schedule that had most of the renovation work completed in four months. The company qualified for tax incentives from the City of Tucson, receiving an eight-year property tax exemption through the Government Property Lease Excise Tax program.  The City also is waiving building permit fees and allowing the company to use what it would pay in construction taxes for job training. The business expects to generate about $2.9 million in direct and indirect tax revenues over the next eight years. Mister Car Wash employs 4,800 people in 14 states. Buzz Isaacson with CBRE’s Tucson office represented the buyer. Mister Car Wash: https://bit.ly/1wHHcE2

For more on City of Tucson Financial Incentives and Loans: https://1.usa.gov/1vwnMFB