Scottsdale, AZ – August 7, 2023 – Arriba Capital announces that it recently closed a $28,500,000 construction loan for a 199 unit/339 bed Class A student housing development at Texas A&M, the largest public university by enrollment in the U.S.

Each unit will have a full kitchen and bathroom, washer & dryer, walk-in closet, study desk, and dinning. The property will have structured parking and on-site Management and maintenance. Amenities include a pool, fully equipped gym, outdoor fitness area, game room, Study lounges, high-speed internet, camera surveillance, electronic locks, Controlled Access, Business Center, Bike Storage room, and a Package room. The property will be 3rd party managed by Asset Living which manages over 230 student housing properties consisting of over 130,000+ beds.

McGough is the General Contractor and BKV Group is the architect The Borrower is an experienced, privately-held, student housing development group based in the South. Arriba has financed multiple projects for the Borrower.

Arriba Capital is a fully-integrated, commercial real estate finance and investment company. We provide asset management, investment banking, capital markets services and advisory solutions. Our seasoned professionals – many of whom have more than 10 years of experience, have worked with hundreds of developers and investors by offering insight and analysis for structuring projects, repositioning assets, negotiating payoffs and providing guidance to enable our clients to achieve successful results in these rigorous markets. Our track record of completed transactions speaks volumes in our ability to execute and deliver competitive and innovative realty capital.

To learn more, please visit: http://www.arribacapital.com

TUCSON, ARIZONA (August 4, 2023) — HSL Monarch Block 5, LLC, an affiliate of HSL Properties, Inc. of Tucson (Omar Mireles, President), closed on +/- 21 acres known as Block 5 of the Monarch master-planned community in Marana. The purchase price was $4,454,772 ($4.75 PSF / $206,910 per acre).

The parcel is located on Moore Road, fronting Interstate 10, and is contiguous to an additional 58-acre parcel HSL acquired in 2021 in Marana. The property was sold by the developer SBH Marana LP, an affiliate of Sunbelt Holdings (Sean Walters, President).

HSL Properties has been extremely active in this area for the past few years, acquiring several parcels in and around the hub of new industrial and commercial activity. HSL will hold this parcel for future development.

The Monarch masterplan has been one of North Marana’s most anticipated new projects. In addition to this sale, the first phase of 550 lots will be fully shovel-ready in the Fall. The project is approximately 450 acres in total and will be planned and developed for a variety of residential and commercial uses.

Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction and are in charge of the marketing at Monarch.

“The Monarch master plan will be one of the most sought-after locations in all of Marana,” White commented. “HSL Properties continues to be extremely proactive and strategic in its approach and plans for one of the busiest locations in Pima County. It’s another well-located purchase.”  

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

To learn more, see RED Comp #10814

The $27.2 million BTR community is located at the base of South Mountain

PHOENIX – August 4, 2023 – CBRE has negotiated the sale of Proximity Baseline, an 80-unit build-to-rent (BTR) property in Phoenix for $27.2 million. Griffen Tymins, Sean Cunningham, Asher Gunter, Matt Pesch and Austin Groen of CBRE’s institutional multifamily practice in Phoenix represented the seller in the off-market deal.

“This closing was accomplished through a coordinated effort by both the buyer and seller during a challenging capital markets environment,” said Mr. Tymins, CBRE’s BTR expert in Phoenix. “We are happy with the successful sale and look forward to building continued momentum in the build-to-rent space.”

The community is located at 1700 East Baseline Road in Phoenix and was sold by Avenue North to CVG Properties. The detached and duplex single-family residences come in either one- two- or three-bedrooms and feature 10′ to 14′ high ceilings, stainless steel appliances, vinyl flooring and smart home technology. Each unit has a private backyard with a patio.

Proximity Baseline represents CVG’s first BTR acquisition in Phoenix and will be renamed The Linq @ South Mountain. The BTR sector has boomed in recent years across the Valley. Since 2018, developers have delivered more than 10,000 BTR units in Arizona.

CVG Properties is a real estate investment firm that targets multifamily properties throughout the West and Sunbelt states with solid fundamentals, attractive risk-return profiles and substantial value-creation potential. The company targets markets throughout the Western and Sunbelt states, primarily focusing on California, Arizona, Utah and Texas.

“The community is a high-quality BTR asset positioned to outperform,” added Tymins. “The community’s central location, market-leading amenities and well-designed floor plans are exceptionally appealing to renters who want the attributes of a single-family home as well as the community amenities of a professionally managed multifamily property.”

Avenue North is a Phoenix-based third-party multifamily general contractor and real estate investment firm focused on multifamily developments and value-added communities. Since the company’s inception, Avenue North has acquired or built over 2,200 multifamily units across Arizona, Nevada and Colorado.

“Avenue North was pleased to acquire and entitle the land, build the community and oversee the lease-up. CBRE did an outstanding job navigating a complex transaction. Looking ahead, we are eager to find more great opportunities for our investors,” said James Emert of Avenue North.