MESA, 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 Winter Cove, a 35-unit apartment property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4,250,000 ($121,430 per unit).

“Located in a coveted residential corridor of northwest Mesa with nearby access to major retail, recreational amenities and the Loop 202 (Red Mountain Freeway), Winter Cove is well positioned for sustained long-term desirability and rental growth,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “New ownership will have the opportunity to execute a programmatic renovation of unit interiors to experience a favorable premium.”

Darrell Moffit, senior vice president investments also in the firm’s Phoenix office, and Bay had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.The buyer, a limited liability company, was also procured by Moffitt and Bay.

Winter Cove is located at 2010 North Lazona Drive in Mesa, Arizona. Built in 1979, the courtyard-style property has a pool, various citrus trees, large interior amenity space, laundry facilities and on-site management. The property consists of 23 one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units.

COVID-19-impacted rents paid directly to landlord/property owner. Must apply by Nov. 30.

Pima County, Arizona – CARES Act funding is still available for up to 400 more Pima County households negatively affected by COVID-19 and currently behind on their rent. Tucson-based nonprofit, Community Investment Corporation (CIC), is administering $3.625 million of eviction prevention funding provided by Pima County. Funding for this program is set to expire on November 30. Residential landlords and property owners can be paid directly for rent in arrears as far back as March 2020. Both tenant and landlord/property owner must complete an application and submit required documentation. This unique program allows either landlords/property owners or tenants to initiate the application process online at www.pimaep.com or by calling 831-292-4308. Qualifications include but are not limited to:

• Tenant lives in Pima County
• Tenant is at risk of eviction for nonpayment of rent
• Tenant has experienced a financial hardship due to COVID-19
• Monthly rent can be no higher than $2,000
• Landlord agrees to Eviction Payment Plan with renter, which includes:
  • Waiving late fees or interest payments on late rent
  • Commitment not to further pursue eviction during period covered by assistance

The Pima Eviction Prevention program is working with multiple social service agencies to expedite cases, pay rents and prevent the community impacts of mass evictions that could follow the end of the CDC’s current Eviction Moratorium. The program will also prevent the negative impacts and credit effects that eviction rulings have on an individual’s record. While, by law, no evictions are allowed for nonpayment of rent during the CDC Eviction Moratorium that is in place through the end of 2020, tenants are still responsible for the back rent they have already and continue to accrue.

“I can’t thank you enough. I am so moved to have received help, and you have saved me from being homeless,” shared Marika B., a tenant supported by the program, “I am grateful and I hope that each and every one of you know that I am beyond words to know how exactly I can thank everyone involved in helping me avoid eviction.”

“My tenants lost their primary source of income due to COVID and were unable to pay for 6 months. It was incredibly stressful for my tenants and me until the program was announced,” said one landlord who help her tenants start the application process,  “The paperwork process was faster and easier than I expected and the agency I worked with, FHR, was diligent and terrific.”

In order to access these funds, landlords or property owners must attest to intent to begin eviction proceedings when the state and/or national eviction moratoriums are lifted.

The 2020 edition of CBRE’s annual Tech-30 report shows positive momentum for the tech industry, which became an unsung hero during the COVID-19 shutdown by enabling business continuity and remote work.

This year’s edition of Tech-30 offers insights on key questions about the tech industry and its impact on employment and office space:

• How is the tech industry performing and where is it headed?
• Which tech markets are most resilient and poised for growth?
• Which tech markets are most at risk from rising sublease space?
• How are tech office markets performing?
• What do capital availability and financial indicators since March reveal about tech’s future growth prospects?

Explore the full Tech-30 report for CBRE’s answers to these questions and other key findings.

READ THE REPORT HERE

The CBRE  2020 TECH-30 EXPERT ROUNDTABLE WILL BE HELD

Thursday, October 29
8:00 am PT / 11:00 am ET

Join us as a panel of experts provides an overview of the report and highlights key findings.

REGISTER NOW