Glendale,  Arizona – Colliers International negotiates the sale of the Summerhill Place apartments, located at 6801 W. Ocotillo Road in Glendale, Arizona for $19,775,000 ($85,237 per unit).

The HSK Team comprised of Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers International in Phoenix represented the seller and secured the buyer.

“Summerhill Place was an opportunity for the buyers to expand their Arizona multifamily portfolio and enhance revenue through light value-add upgrades,” says Hahn, Executive Vice President at Colliers, “Glendale’s asking rents have increased over 21 percent since 2014 and rental demand in the submarket remains strong.”

Maesag Properties, LLC, an entity formed by Shon and Karah Brown was the buyer. Trimark-Summerhill Place, LLC, an entity formed by Trimark Property Group out of Pacific, WA was the seller.

Trimark Property Group, LLC is the real estate investment arm that develops, owns and manages its real estate holdings. The company has been able to acquire and retain a broad range of national and regional tenants to its centers by providing clean and professionally managed building in prominent locations.

Summerhill Place consists of 13 buildings with 189,050 square feet of space situated on 8.55 acres. The community is a blend of 37% 1-bedroom units and 63% 2-bedroom units. The complex was built in 1985 and was 96 percent occupied at time of sale.

The community is located on the west side of 67^th Avenue and south of Glendale Avenue a major thoroughfare running throughout Phoenix. Summerhill Place is conveniently situated one mile west of Glendale City Hall and the Historic Downtown Glendale. Nearby employment generators within five miles of the property include the Glendale Sports and Entertainment District, Banner Thunderbird Medical Center, Maryvale Hospital, Arizona State University West, and Grand Canyon University.

TUCSON, ARIZONA — Families working toward home ownership soon will occupy a new in-fill, rental housing development in Tucson’s Westside Barrio Hollywood built with Pima County HOME and general obligation bond funds.

A ribbon cutting ceremony took place Wednesday, March 28 at Casas Ontario, 1515 W. Ontario St. in conjunction with the Pima County Community Land Trust, the independent non-profit, which served as developer on the project. Board of Supervisors Chairman Richard Elías, who represents the neighborhood, will serve as keynote speaker for the event.

Built by Carrera Custom Homes, Inc., each of the six frame and stucco, 1,320 square-foot homes offer future tenants three bedrooms, two baths, portico entries and on-site parking. The project received a Silver Rating for energy efficiency, indoor air quality and water conservation under the City of Tucson’s Residential Green Building Rating System.

“Adding new homeowners to Barrio Hollywood will help ensure it remains one of the most vibrant, most connected and most engaged neighborhoods in our community,” Pima County Housing Center Manager said. “Homeowners are by definition invested in where they live. This complex will help six families put down roots here.”

County funding required the project benefit low-income families enrolled in the PCCLT’s Stewardship Program which prepares participants for homeownership through a combination of case management and a slate of two-hour workshops on topics including financial literacy, home maintenance and financial planning.

MARANA, Arizona — Richmond American Homes and Lennar Homes teamed up to buy Block 35 and 39, the first sales in Gladden Farms II. Richmond acquired 64-lots for $3,456,000 and Lennar purchased 59-lots for $3,186,000, or $54,000 per finished lot.

Both builders are currently building in Gladden Farms I, to the west of the new Gladden Farms II. See Richmond and Lennar at Homestead at Gladden Farms

Will White and John Carroll of Land Advisors Organization in Tucson handled these transactions and has the marketing assignment on all of Gladden Farms

“This is an important and exciting event because it is the first lots purchased in Gladden Farms II. This closing will help kick off construction of the next phase of the community,: according to White. “Lennar and Richmond American were early in discussions with us about securing additional lots at Gladden Farms and have taken a very proactive approach in the masterplan that continues to show very strong pricing power and pace.”

Gladden Farms is experiencing record home price appreciation and sales pace. The Master-plan’s homebuilders continue to purchase and reload just in time lot inventory.

“We are currently in discussions with several builders on acquiring additional blocks in the Gladden Farms II phase of the community,” said White. “Gladden Farms has a great lot delivery program for the builders and we expect this community to be very busy for the remainder of 2018 and into the future. Tucson’s homebuilders continue to look to purchase lot inventory in the areas they are having success and Gladden Farms is one of the best masterplans in town.”

For more information, White and Carroll should be reached at 520.514.7454.