The acquisition is JRK Property’s first in the Phoenix market

Phoenix, Arizona – CBRE arranged the sale of the 408-unit multifamily community 909 West on behalf of MG Properties Group to Los Angeles-based JRK Property Holdings, Inc. for an undisclosed amount.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties represented the seller, MG Properties Group.

Built in 1999, 909 West is a garden-style multifamily community with one, two- and threebedroom floorplans in three- and four-story buildings. The community amenities include two swimming pools, a resident clubhouse, basketball court, fitness center, picnic area with gas grills and dog park.

“Investors want to be in Phoenix and 909 West presented an excellent value-add proposition,” said Gunter. “The community’s central location in proximity to large employment centers in Tempe and Chandler, its strong operational performance and value-add potential attracted significant investor interest.”

Located in the South Tempe submarket, 909 West is situated less than one mile from access to Interstate-10 and about five miles from Downtown Tempe.

“We’re excited to enter the Phoenix market and 909 West presented an excellent opportunity to do so with immediate scale,” said Danny Lippman, vice president of JRK Investors, the real estate investment arm of JRK Property Holdings. “We look forward to executing strategic renovations that will add value for the residents and our investors.”

Founded in 1991, JRK Property Holdings is a Los Angeles-based real estate investment firm specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the United States.

GLENDALE, Ariz.– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Beverly IV, a 24-unit apartment property located in Glendale, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,000,000.

“Beverly IV is conveniently positioned between the Interstate-10 Industrial Corridor, downtown Glendale, Grand Avenue Expressway and the rapidly growing retail and entertainment districts of Northwest Glendale,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “Given its low density and desirable unit mix, Beverly IV is a prime candidate for further programmatic interior renovations which include the implementation of in-suite laundry and private patios.”

Bay had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also procured by Bay.

Beverly IV is located at 6740 West Montebello Avenue in Glendale, Arizona. Built in 1974 and renovated in 2020, the property consists of six individually-parceled fourplexes. The unit mix includes 23 two-bedroom/one-bathroom units and a single one-bedroom/one-bathroom unit.

Cushman & Wakefield | PICOR handled two multifamily Tucson transactions with an aggregate of $6.95 million.

Pueblo Springs Holdings, LLC purchased Pueblo Springs Apartments, a 41,850-square-foot multifamily property located at 3003 N. Alvernon Way in Tucson.  The 75-unit apartment complex was purchased from Pueblo Springs by Bakerson, LLC for $4.2 million ($56,000 per unit).

Built in 1972, Pueblo Springs was a value-add property when the seller bought it in 2017. The unit mix of the 75 units are (24) studios (450 SF), (49) one-bedroom units (600 SF),  and (2) two-bedroom units (750 SF).  Amenities include a community pool, covered parking, laundry facility, and gated community. Property was fully occupied at time of sale.

Located on North Alvernon Way just South of Fort Lowell in North Central Tucson on a major arterial road with interior courtyard privacy.  It is well located for shopping and employment opportunities. Nearby shopping includes a grocery-anchored center less than a mile south of the property and The Tucson Mall northwest of the property. The property is less than 5 miles from the University of Arizona, University Medical Center, Tucson Medical Center, The Tucson Auto Mall, and major retail employment along East Grant road.

Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Anna Sepic with Levrose Commercial Real Estate, represented the buyer.

Portledge Partners, LLC purchased The Grove, a 14,278-square-foot apartment complex located at 2102 and 2110 N. First Ave. in Tucson.   The 7-unit, 27-bed student housing project was purchased from West Seattle 37 Investors, LLC for $2.75 million($102,000 per bed / $393,000 per unit).

Allan Mendelsberg, Principal, and Conrad Martinez represented the seller in this transaction. Paul Hooker, Principal, represented the buyer.

To learn more, Mendelsberg should be reached at 520.546.2721, Martinez is at 520.546.2730 and Hooker can be contacted at 520.546.2704.