Scottsdale, Arizona (June 15, 2026) – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale and financing of Acoya Shea, a 147-unit Class-A full acuity senior living community in Scottsdale, Arizona. Opened in September 2023, the asset boasts outstanding operational performance, consistently high occupancy, and a flexible, high-demand unit mix.

Senior Managing Directors Dave Fasano, Ross Sanders, Cody Tremper, and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of Harrison Street Asset Management, a leading global alternative investment management firm with more than $109 billion in assets under management across infrastructure, real estate, and credit strategies.

Managing Directors Austin Sacco, Garrett Sacco, and Steve Muth, along with Assistant Vice President Alec Rosenfeld of Berkadia Seniors Housing & Healthcare, advised the buyer on the financing. A fulsome process included attractive options across the lender universe.

Cogir Senior Living will continue to operate the community on behalf of its new owner.

Located in a highly affluent northern suburb of Scottsdale, the community offers independent living, assisted living, and memory care services. The property is situated in a submarket with considerable unmet demand, excellent seniors housing demographics, and a wide variety of local amenities and services. The community itself offers luxury amenities, including multiple dining areas, a fitness studio, a movie theater, an art studio, a full-service salon and barbershop, and a courtyard and pool.

Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for active adult, independent living, assisted living, memory care, and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of advisory, underwriting, and loan origination services and products, including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending, and Capital Markets Advisory Services.

TUCSON, Ariz. (June 16, 2026) — The state budget passed by the Arizona Legislature and signed by Gov. Katie Hobbs on Saturday preserves the Rio Nuevo economic development program, ensuring the continuation of a critical initiative that utilizes a share of sales tax revenue to incentivize private development within Tucson’s urban core.

While lawmakers ultimately abandoned a $19 million repeal effort included in the original majority budget, the final bill adds new accountability language to ARS § 48-4202, the statute governing tax districts:

From the total budgeted income remaining after operating expenses and debt service are paid, at least 80% of the grants and financial support provided by the district in a fiscal year must be allocated to projects that directly generate transaction privilege tax (sales tax) revenues.

“Rio Nuevo already complies with this mandate,” said Fletcher McCusker, Chairman of the Rio Nuevo Board. “We understand the legislature’s intent is to ensure Rio Nuevo remains focused on projects that actively expand the sales tax base. Our current leverage ratio is roughly 7-to-1, meaning that for every single dollar of state revenue we invest, the private sector chips in seven.”

Gov. Hobbs demonstrated strong stewardship of Rio Nuevo throughout the budget process, rejecting initial legislative proposals to dismantle the program. Following a subsequent site visit to Tucson by several legislative leaders, lawmakers, and the Governor’s office, lawmakers and the Governor’s office successfully reached the compromise codified in the final budget.

“We are incredibly grateful to Governor Hobbs for her steadfast support and for standing firmly by Rio Nuevo to ensure we can continue our charge,” McCusker added. “Her leadership, coupled with a bipartisan commitment to downtown development, allows us to keep this economic momentum moving forward.”

Vice Chairman Edmund Marquez, a Republican appointee by the Speaker of the House, also praised the bipartisan achievement. “We appreciate the Legislature and the Governor’s Office coming together on a budget that protects Rio Nuevo. Our local Tax Increment Financing (TIF) district has been an absolute powerhouse for our regional economy, and it remains vital to the growth of our community.”

Since 2012, Rio Nuevo has committed $116 million, attracting $833 million in private sector investment and generating 66 new restaurants and retail establishments, 8 new hotels, and a fully renovated Tucson Convention Center and grounds. The district’s sales tax base has grown from $27 million to $57 million annually, with 20 new projects still in the pipeline. Travel + Leisure magazine ranked Tucson the No. 2 food city in America, second only to New York City.

The 2025 Arizona Audit Report found that Rio Nuevo’s capital investment activity continues to produce meaningful economic and fiscal benefits for the Tucson region. Benchmarking against 10 comparable facilities nationwide, the Tucson Convention Center posted the highest attendance increase of any benchmarked market since 2022 — with 1,044 events, compared to Long Beach (513), Austin (476), Albuquerque (307), and Fort Worth (247).

WITTMANN, ARIZONA (June 12, 2026) — Waymo has acquired a massive autonomous vehicle proving ground in the northwest Valley for $220 million, adding one of Arizona’s most specialized automotive testing assets to the company’s growing self-driving vehicle platform.

The property, located near 211th Avenue and Dove Valley Road in the far northwest portion of the City of Surprise near Wittmann, totals approximately 5,500 acres. The site was previously owned by Route 14 Investment Partners LLC, a Delaware entity associated with Apple, which acquired the former Chrysler proving ground in 2021 for $125 million.

The sale to Waymo was recorded on June 5 in Maricopa County.

The acquisition gives Waymo control of a large, controlled testing environment built for vehicle development in extreme Arizona heat and desert conditions. The facility includes a 115-acre city course, a 35-acre vehicle dynamics area, a four-mile oval track, and a freeway course designed to simulate real-world driving conditions. The site also includes varied road surfaces and testing areas that allow engineers to evaluate vehicle systems, components, and performance in a controlled setting.

The property has a long automotive history. Before Apple acquired it, the site had been used by Fiat Chrysler as a proving ground for hot-weather vehicle testing. Apple later used the facility as part of its self-driving vehicle program, often referred to as Project Titan, before the company discontinued that effort.

For Waymo, the purchase strengthens its Arizona presence as the Alphabet-owned autonomous vehicle company expands beyond its early robotaxi markets. Waymo already operates in metro Phoenix and has expanded service or testing into several major U.S. markets, including the San Francisco Bay Area, Los Angeles, Austin, and Atlanta.

The Wittmann proving ground gives Waymo a large-scale private facility where it can test and refine its autonomous driving system away from public roads. Controlled environments are especially important for self-driving technology because they allow companies to repeatedly test specific driving scenarios — including freeway merging, city traffic, emergency stops, pedestrian interactions, turns, lane changes, unusual road conditions, and other edge cases — before deploying software updates more broadly.

The Arizona location is also significant from an economic development standpoint. The state has long been attractive to automotive and autonomous vehicle companies because of its open roads, dry climate, year-round testing conditions, and proximity to fast-growing western markets. Arizona has hosted major vehicle testing activity for decades, and the northwest Valley has become one of the country’s notable clusters for proving grounds and advanced mobility testing.

Waymo’s $220 million purchase also marks a notable increase in the property’s value. Apple-linked Route 14 Investment Partners acquired the former Chrysler proving ground for $125 million in 2021, meaning the site traded for nearly $95 million more just five years later.

The acquisition reflects the continued evolution of Arizona’s role in transportation technology. What began as a traditional vehicle proving ground for automakers is now positioned as a major autonomous vehicle testing asset for one of the leading companies in self-driving mobility.

Arizona has seen both the promise and volatility of autonomous vehicle technology. Tucson once landed TuSimple, the self-driving truck company that planned a major local expansion before shutting down its U.S. operations. Waymo’s purchase of the former Apple proving ground in Wittmann shows the sector is still investing heavily in Arizona, but with a more mature player and a controlled testing asset rather than a speculative startup expansion.

While the facility is not in Southern Arizona, it adds to Arizona’s broader profile as a state where advanced transportation, autonomous systems, aerospace, defense, and technology companies can test and scale next-generation platforms. For the Tucson region, the deal is another example of how Arizona’s climate, land availability, and engineering talent continue to attract major technology investments across the state.